Bank Secrecy Act - Increasing Trend of Smuggling Currency from the U.S. into Mexico

Bank Secrecy Act (BSA)Federal Deposit Insurance Corporation (FDIC)Anti-Money Laundering

Summary: The Department of the Treasury’s 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."

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.

> Read entire regulation (log in required - registration is free)