Regulatory Alerts2012-07-18 | FinCEN Advisory – FIN-2012-A006Added
Update on U.S. Currency Restrictions in Mexico (FinCEN Advisory – FIN-2012-A006)
This advisory updates financial institutions on changes in illicit fund movement methodologies resulting from Mexican regulatory restrictions on U.S. currency transactions. It identifies specific red flags, including funnel account activity, unusual currency deposits followed by wire transfers to Mexico, and the use of CMIR forms to legitimize deposits. Financial institutions are instructed to monitor for these patterns and include the narrative tag "MX Restriction" in Suspicious Activity Reports when transactions involve funds derived from illegal activity or lack a lawful business purpose.
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