Regulatory Alerts2019-08-21
Advisory to Financial Institutions on Illicit Financial Schemes and Methods Related to the Trafficking of Fentanyl and Other Synthetic Opioids
The Financial Crimes Enforcement Network (FinCEN) issued this advisory to alert financial institutions to illicit financial schemes and money laundering methods associated with the trafficking of fentanyl and other synthetic opioids. The document details specific typologies, including direct purchases from foreign suppliers via money services businesses and convertible virtual currencies, as well as cross-border trafficking by transnational criminal organizations using bulk cash smuggling and trade-based money laundering. Financial institutions are urged to utilize these identified red flags to detect, report, and help disrupt the flow of illicit proceeds fueling the opioid epidemic.
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