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
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.
Department of the Treasury, the Bureau of
Immigration and Customs Enforcement, and the Drug Enforcement
Administration have identified various activities that may be
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.
should curtail business with currency exchangers or other
money services businesses.
this information to the appropriate
personnel in your institution.
Banks (Commercial and Savings)
BSA Compliance Officer
Guidance to Financial Institutions on the
of Currency Smuggled into Mexico from the United States - PDF
Review Examiner Sean Forbush at SASFIL@FDIC.gov or (202) 898-8506
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
801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342
or (703) 562-2200).