Intercam's U.S. subsidiary secured a Fed master account despite cartel-linked allegations, raising major regulatory inconsistency concerns.
Crypto firms like Kraken faced Fed pushback in 2021 while a sanctioned Mexican bank gained access to the U.S. financial system.
Mexican officials reject U.S. claims against Intercam, warning of systemic risks if mid-sized banks collapse under regulatory pressure.
One of Mexico’s sanctioned banks, Intercam Banco, has stirred controversy after revelations that it holds a U.S. Federal Reserve master account. Eleanor Terrett reported the U.S. subsidiary of Intercam received the account in 2021. That same year, crypto firms like Kraken and Custodia faced delays and rejections in similar applications. The development has raised alarms over perceived regulatory inconsistency and political bias in financial access control.
Intercam Banco, recently sanctioned by the U.S. Treasury for alleged cartel-linked money laundering, denied all accusations. It claimed full compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) rules for nearly three decades. However, the timeline of its U.S. affiliate receiving a Fed master account adds to the scrutiny. Notably, the Federal Reserve granted Intercam direct access to America’s core financial infrastructure.
Unequal Access Sparks Backlash
DOGEai criticized the move as a glaring regulatory failure. According to the watchdog, Biden-era regulators approved Intercam’s access while stifling crypto innovation. It questioned why a bank flagged for cartel links gained approval when U.S. fintechs couldn’t. Besides, it framed this as a systemic loophole exposing national financial networks to illicit actors. Consequently, the group called for a sweeping audit of all master accounts.
Moreover, the political backlash intensified as critics tied the issue to concerns over financial favoritism. They argued that the administration prioritized traditional institutions—even amid red flags—while blocking blockchain innovators. Hence, this episode deepens concerns about fairness, security, and transparency in U.S. financial policy.
Mexico Pushes Back on U.S. Claims
Mexican President Claudia Sheinbaum responded forcefully to the U.S. Treasury’s allegations. She said the U.S. has failed to share hard evidence. “We are no one’s piñata,” Sheinbaum said. Besides, she emphasized continued cooperation without compromising national sovereignty.
Furthermore, Mexican regulators moved to stabilize the situation. Authorities confirmed they may appoint new management at the affected banks. Industry experts warned of broader consequences. If Vector and CIBanco collapse alongside Intercam, systemic risks could emerge. Collectively, the three banks manage nearly $22 billion in assets.
Vector CEO Edgardo Cantu stated the bank had not received any subpoenas. He pledged full cooperation to clear the institution’s name. Meanwhile, concerns over regulatory double standards continue to mount.
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