Highlights:
-
On April 28, 2006,
FinCEN issued the attached advisory to U.S.
financial institutions about a potential money laundering
threat concerning the smuggling of U.S. currency into Mexico and the
potential
misuse of
relationships with U.S. financial institutions by certain
Mexican financial institutions, including Mexican casas de cambio.
-
U.S. law enforcement
has observed a dramatic increase in the
smuggling of bulk cash proceeds from the sale of narcotics
and other criminal activities from the United States into Mexico.
-
FinCEN, the
Department of the Treasury, the Bureau of
Immigration and Customs Enforcement, and the Drug Enforcement
Administration have identified various activities that may be
associated
with this
currency smuggling trend.
-
FinCEN issued the
attached advisory to assist U.S. financial
institutions in complying with their obligations under
the Bank Secrecy Act. This advisory does not mean that U.S.
financial
institutions
should curtail business with currency exchangers or other
money services businesses.
-
Please distribute
this information to the appropriate
personnel in your institution.
Distribution:
FDIC-Supervised
Banks (Commercial and Savings)
Suggested Routing:
Chief Executive
Officer
BSA Compliance Officer
Related Topics:
Bank Secrecy
Act
Attachment:
Guidance to Financial Institutions on the
Repatriation
of Currency Smuggled into Mexico from the United States - PDF
49
k
(PDF Help)
Contact:
Review Examiner Sean Forbush at SASFIL@FDIC.gov or (202) 898-8506
Note:
FDIC Financial Institution Letters (FILs) may be
accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2006/index.html.
To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC FILs may be obtained through the FDIC's Public
Information
Center,
801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342
or (703) 562-2200).
