Mexico’s Banorte Reviews Clients After US Moves Against Rivals

Mexico’s Grupo Financiero Banorte is beefing up technology and compliance and reviewing its customer activity after the US accused three of the country’s smaller financial firms of facilitating money laundering, Chief Executive Officer Marcos Ramirez said.

“Banorte takes these matters very seriously,” Ramirez said Wednesday on a call discussing second-quarter earnings. “We are prepared to take decisive action to ensure that the bank continues to operate consistently with all applicable laws.”

The Treasury’s Financial Crimes Enforcement Network slapped orders on CIBanco SA, Intercam Banco SA and brokerage Vector Casa de Bolsa SA in June, prohibiting transfers with them and effectively ...