Regulatory Alerts2011-04-21 | FinCEN Advisory – FIN-2011-A009Added
Information on Narcotics and Bulk Currency Corridors (FinCEN Advisory – FIN-2011-A009)
The Financial Crimes Enforcement Network advises U.S. financial institutions to utilize resources such as High Intensity Drug Trafficking Areas designations and the National Drug Threat Assessment to identify geographic regions involved in narcotics and bulk currency smuggling. The advisory highlights that illicit financial activity in these corridors often manifests as funnel account activity, characterized by rapid, geographically dispersed currency deposits and withdrawals lacking a lawful business purpose. Financial institutions are reminded of their Bank Secrecy Act obligations to report suspicious transactions involving funds derived from illegal activity, structuring, or those with no apparent lawful purpose.
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