Regulatory Alerts1999-06-01 | FinCEN Advisory - Issue 12Added
Black Market Peso Exchange Update (FinCEN Advisory - Issue 12)
The advisory updates depository institutions and money transmission firms on the Black Market Peso Exchange system, highlighting the misuse of non-bank money transmitters to place narcotics proceeds into the U.S. financial system. It identifies specific unusual transaction indicators, such as money transmitters sending large funds to U.S. exporters or to nations outside their routine destinations, as potential components of this laundering scheme. The Treasury Department states that any report relating to a transaction described in the advisory constitutes a reportable suspicious transaction under 31 U.S.C. 5318(g)(2) and (g)(3).
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