Regulatory Alerts2014-05-28 | FinCEN Advisory–FIN-2014-A005Added
Update on U.S. Currency Restrictions in Mexico: Funnel Accounts and TBML
The Financial Crimes Enforcement Network (FinCEN) advises financial institutions on the increased use of funnel accounts in conjunction with trade-based money laundering by criminal actors, following U.S. currency restrictions in Mexico. This advisory provides red flags to help financial institutions identify and report suspicious funnel account activity. FinCEN requests financial institutions include "MX Restriction" in Suspicious Activity Reports (SARs) when reporting suspicious activity possibly connected to U.S. currency restrictions on Mexican financial institutions. Additionally, if funnel accounts or trade-based money laundering are suspected, financial institutions are requested to include "Funnel Account" and/or "TBML" in the SARs.