Mexican banks face cascading consequences following US sanctions
Following US sanctions alleging money laundering for drug cartels, three Mexican financial firms face severe economic fallout. CIBanco and Intercam Banco are under temporary government management. Fitch Ratings downgraded them, and Visa suspended international transactions through CIBanco. S&P Ratings also withdrew CI Banco, despite the firms denying the allegations and a grace period before sanctions take effect.
