- 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)
BSA Compliance Officer
Guidance to Financial Institutions on the Repatriation
of Currency Smuggled into Mexico from the United States - PDF 49k
Review Examiner Sean Forbush at SASFIL@FDIC.gov or (202) 898-8506
- PDF 38k (PDF Help)
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
801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342 or (703) 562-2200).