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Mexican banks hit by US crackdown on laundering

Monday, June 15, 2015

Mexican banks have hit by a US crackdown on money laundering has made them too toxic for many global banks, which have eliminated or reined in services in Mexico.

That means some financial institutions south of the Rio Grande are struggling to find banks that will provide them with the crucial service of converting pesos into US dollars for processing payments, known as dollar clearing.

Source: Financial Times