The banking regulator imposed sanctions on Mifel and Base banks for violating anti-money laundering norms, increasing nervousness in the financial sector. This week, the National Banking and Securities Commission (CNBV) announced the measures related to a series of administrative omissions that occurred between 2020 and 2021, which for both banks total nearly 30 million pesos, already raising some questions in the sector. The timing does not seem casual: just days ago, a fast-track reform was approved in San Lázaro that prohibits charging fees and charges for unsolicited credit cards. I find it interesting that these are 2020 fines that are now coming to light, but that is the regulator's prerogative. Close to this decision, another element that is also making bankers unhappy is a new precedent approved by the Supreme Court of Justice of the Nation (SCJN) related to lawsuits against banks for unrecognized charges on cards and accounts. This new legal path changes the rules of the game as it now establishes that banks must present evidence on who authorized said operations, meaning clients will no longer be called to testify. Both episodes were already complicating the scenario for the banking sector, but the situation worsened after the new sanctions from the National Banking and Securities Commission (CNBV) were announced this Tuesday. In the sector, they believe, as they explain to LPO, that the sanctions against Mifel and Base aim to limit any kind of claim against a series of regulatory measures that will directly affect the financial business. For Mifel, chaired by Daniel Becker, also a former head of the Mexican Bankers Association (ABM), the regulator imposed 21 fines totaling over 20 million pesos, also related to incomplete information in international transfer operations and other omissions in administrative reports. Following the Treasury's complaint, the ABM has launched internal measures to shield the Mexican financial system. Regarding these sanctions, Becker gave a radio interview in which he sought to downplay the issue, assuring that it is not a cause for alarm as he said that 'information will never be perfect' and 'this type of omission is common.' However, he slipped a question for the CNBV: 'I find it interesting that these are 2020 fines that are now coming to light, but well, that is the regulator's prerogative,' he said, trying to soften the comment. The CNBV would thus be understood as an element of coercion. In the case of Banco Base, fines were issued for various omissions in information, verification, or systematization in their 2020 reports, as well as for submitting international transfer reports with errors in their information.
