RegAlert2013-09-27 | FinCEN Advisory - FIN-2013-A007Added · Updated
Supplement on U.S. Currency Restrictions on Banks in Mexico (FinCEN Advisory - FIN-2013-A007)
FinCEN updates U.S. financial institutions on regulatory restrictions imposed on Mexican financial institutions for transactions in U.S. currency, noting a 63 percent reduction in the quarterly average exportation of U.S. cash from Mexican banks between 2009 and 2012. The advisory highlights that illicit actors may utilize different methodologies, such as using financial institutions with higher dollar thresholds or moving funds through other jurisdictions, to repatriate illicit proceeds. U.S. financial institutions are advised to consider previous advisories and CNBV guidance, maintain policies to mitigate risks associated with bulk cash shipments and correspondent banking, and continue including the term “MX Restriction” in the narrative portion of Suspicious Activity Reports to indicate a possible connection to the enacted restrictions.
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Supplement on U.S. Currency Restrictions on Banks in Mexico
- See FinCEN (June, 2010) Advisory FIN-2010-A007: “Newly Released Mexican Regulations Imposing Restrictions on
Mexican Banks for Transactions in U.S. Currency.” - See FinCEN (July, 2012) Advisory FIN-2012-A006: “Update on U.S. Currency Restrictions in Mexico.”
- To assist FinCEN and law enforcement with efforts to assess better the impact of the changes in the Mexican
regulations, the original June 21, 2010 Advisory, FIN-2010-A007, advised financial institutions to include “MX Restriction” within the narrative portion of the SAR filing and highlight the exact dollar amount(s) associated with the suspicious activity. FIN-2013-A007 September 27, 2013 Update regarding activity associated with regulatory restrictions imposed on Mexican financial institutions for transactions in U.S. currency. The Financial Crimes Enforcement Network (FinCEN) is issuing this Advisory to update financial institutions on activity associated with regulatory restrictions imposed on Mexican financial institutions for transactions in U.S. currency. Background On June 16, 2010, the Mexican finance ministry published new anti-money laundering regulations that restrict the amounts of physical cash (bank notes and coins) denominated in U.S. dollars that Mexican financial institutions may receive. FinCEN subsequently issued an Advisory informing U.S. financial institutions of these restrictions and potential activity they may observe.1 In 2012, FinCEN issued a supplemental Advisory that provided an update on the U.S. currency restrictions in Mexico and noted patterns of activity that appear to be related to the restrictions.2
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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