Bank Secrecy Act Increasing Trend of Smuggling Currency from the U.S. into Mexico
May 4, 2006
The Department of the Treasurys Financial Crimes Enforcement Network (FinCEN) has issued the attached advisory to U.S. financial institutions to guard against potential money laundering threats involving the smuggling of bulk U.S. currency into Mexico and the possible abuse of their financial services by certain Mexican financial institutions, including Mexican "casas de cambio."
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
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
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
should curtail business with currency exchangers or other
money services businesses.
Please distribute this information to the appropriate
personnel in your institution.
Banks (Commercial and Savings)