Regulatory Alerts2010-02-18 | FinCEN Advisory – FIN-2010-A001Added
Advisory to Financial Institutions on Filing Suspicious Activity Reports regarding Trade-Based Money Laundering
Financial institutions are requested to check the appropriate box in the Suspicious Activity Information section of Suspicious Activity Reports and include the abbreviations TBML or BMPE in the narrative portion of all relevant filings. The narrative must also explain why the institution suspects or has reason to suspect the customer is participating in trade-based money laundering or black market peso exchange activities. The advisory provides specific red flags, such as third-party payments, amended letters of credit, and discrepancies in trade documents, to assist in identifying these illicit activities.
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