Amendment to Special Measure on CIBanco Fund Transfers
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This law modifies a previous rule that restricted financial transactions with CIBanco, a Mexican bank linked to money laundering and illicit opioid trafficking. The amendment permits certain fund transfers needed for the Mexican Government to close down CIBanco. U.S. financial institutions can now process these specific transactions, assisting Mexico's government in liquidating the bank's assets, while other fund transfers remain restricted.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Allows fund transfers necessary for CIBanco's liquidation
- Maintains restrictions on other financial transactions with CIBanco
- Supports Mexican Government's efforts in asset liquidation
Obligations
What this law requires
Covered financial institutions are prohibited from engaging in any transmittal of funds from or to CIBanco.
Certain transmittals of funds necessary for the Government of Mexico to liquidate CIBanco are authorized, provided that these transmittals are determined to be necessary by the Government of Mexico's appointed liquidator.
Covered financial institutions must ensure that the transmittal of funds is not otherwise prohibited by law.