Regulatory Alerts2006-04-28
Added
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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