Mexico's CIBanco, sanctioned by US, says local fines unrelated

Mexican financial institution CIBanco said on Wednesday that the 66.61 million pesos ($3.56 million) it was fined in June by the nation's banking regulator was unrelated to the accusations of involvement in money laundering from the U.S. Treasury which then prohibited certain transactions with the firm.

The fines, made public by the regulator on Tuesday, were largely cited as being due to "money laundering prevention."

($1 = 18.7305 Mexican pesos)