According to investigators, Salinas effectively operates as a foreign narcotics kingpin, fulfilling the criteria for designation under the U.S. Foreign Narcotics Kingpin Designation Act (Kingpin Act). He allegedly used Banco Azteca, Purpose Financial (Advance America), and Remitly to move billions in illicit narcotics proceeds.
Illicit Funds Flow: Step by Step
Investigators outline the laundering process:
1. Narcotics Supply – Fentanyl and synthetic opioids smuggled into the U.S.
2. Cash Proceeds – Drug sales generate large volumes of U.S. currency.
3. Initial Injection – Cash enters the system via Purpose Financial, then flows to Banco Azteca, both under Salinas’s control.
4. Structured Remittances – Remitly sends money to Mexico in small amounts to avoid detection.
5. Bank Reception – Banco Azteca receives funds without flagging suspicious activity.
6. Access by Salinas – Salinas withdraws or controls the funds through affiliated accounts.
7. Distribution to Shell Companies – Funds are dispersed across 30+ Salinas-controlled entities.
8. Bitcoin Conversion – Illicit funds are converted to Bitcoin to evade asset seizure by authorities.
Banco Azteca Funds 30 Salinas-Controlled Entities
Evidence shows that Banco Azteca has lent over 34% of its capital, sourced from narcotics funds, to the following 30 affiliated entities:
1. Grupo Elektra, S.A.B. de C.V.
2. TV Azteca, S.A.B. de C.V.
3. Italika
4. Totalplay Telecomunicaciones, S.A. de C.V.
5. Totalplay Empresarial, S.A. de C.V.
6. Totalplay Colombia, S.A.S.
7. Totalplay Guatemala, S.A.
8. Azteca Internet
9. Seguros Azteca
10. Afore Azteca
11. Azteca Comunicaciones Perú (defunct)
12. Tiendas Neto
13. Comercializadora de Motocicletas de Calidad
14. Azteca Retail & Financial Services
15. Grupo Avalanz
16. Fundación Azteca
17. Azteca Servicios de Seguridad
18. Grupo Transportes Azteca
19. Holding de Servicios Empresariales
20. Servicios Corporativos Azteca
21. Distribuidora de Productos del Hogar
22. Servicios Financieros Azteca
23. Advance América México
24. Azteca América (U.S. operations)
25. Azteca Servicios de Tecnología
26. Azteca Luz y Fuerza
27. Promotora Azteca
28. Grupo SAISA
29. Azteca Servicios Administrativos
30. Offshore vehicles and SPVs within Grupo Salinas
These entities frequently engage in inter-company transfers, related-party loans, and cross-guarantees, often with minimal or no regulatory disclosure. Many are shell companies with no active operations.
“This is a fully integrated narco-financial machine,” said a former U.S. Treasury investigator.
“Salinas launders drug money, lends it to himself, and uses the profits to grow his empire.”
Salinas Meets U.S. Kingpin Act Designation Criteria
Salinas’s activities meet all designation conditions under the Kingpin Act:
- Ownership of financial institutions that launder narcotics proceeds.
- Control over entities receiving illicit funds.
- Use of criminal profits to corrupt political actors.
- Integration of dirty money into “legitimate” assets.
Purpose Financial & Remitly Under Federal Scrutiny
Both Purpose Financial Inc. and Remitly are under investigation. U.S. agencies are probing how fentanyl-tainted funds entered their systems unchecked.
Allegations include:
- Ignoring internal compliance red flags
- Failure to implement Know-Your-Customer (KYC) protocols
- Allowing structured payments meant to bypass regulatory controls
Urgent U.S. Action Demanded
Investigators and financial crime experts are calling for:
1. OFAC Kingpin designation of Ricardo Salinas and his network.
2. Freezing of Banco Azteca’s U.S. correspondent accounts.
3. Criminal investigations into Purpose Financial and Remitly.
4. Suspension of USD clearing operations for Banco Azteca.
5. Seizure of illicit assets including real estate, aircraft, and vessels.
Public Warning
Consumers and investors must be warned:
Every transaction involving Purpose Financial, Remitly, or Banco Azteca may be fueling organized crime, fentanyl deaths, and corruption.
Withdraw your funds. Demand accountability. Do not finance bloodstained money.