RegAlert2006-04-28
Added · Updated
Guidance to Financial Institutions on the Repatriation of Currency Smuggled into Mexico from the United States
The Financial Crimes Enforcement Network advises U.S. financial institutions to guard against money laundering threats involving the smuggling of bulk U.S. currency into Mexico and its subsequent repatriation. The advisory identifies specific activities associated with this trend, including the exchange of small denomination notes for large ones, wire transfers to jurisdictions with no apparent business relationship, and deposits of third-party items by Mexican casas de cambio. U.S. financial institutions are instructed to consider these activities when applying their anti-money laundering programs and determining whether to file suspicious activity reports under 31 C.F.R. part 103.
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FIN-2006-A003
Issued Date
Guidance Subject
Guidance to Financial Institutions on the Repatriation of Currency Smuggled into Mexico from the United States
The Financial Crimes Enforcement Network is issuing this advisory to U.S. financial institutions so that they may better guard against an increasingly prevalent money laundering threat involving the smuggling of bulk U.S. currency into Mexico. This advisory warns U.S. financial institutions of the potential misuse of relationships with U.S. financial institutions by certain Mexican financial institutions, including Mexican casas de cambio. U.S. financial institutions should take reasonable steps to guard against abuse of their financial services by these entities. This advisory is consistent with the U.S. Department of the Treasury’s efforts to ensure that U.S. financial institutions are not used as a conduit for the laundering of proceeds from narcotics trafficking.
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Lineage: In force
Source: Financial Crimes Enforcement Network — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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