On June 25, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued orders identifying three Mexico-based financial institutions – CIBanco S.A., Institution de Banca Multiple (CIBanco), Intercam Banco S.A., Institución de Banca Multiple (Intercam), and Vector Casa de Bolsa, S.A. de C.V. (Vector) – as being of primary money laundering concern in connection with illicit opioid trafficking.
This prohibits, respectively, certain transmittals of funds involving CIBanco, Intercam, and Vector. These orders are the first actions by FinCEN pursuant to the Fentanyl Sanctions Act and the FEND Off Fentanyl Act, which provide the Treasury with additional authorities to target money laundering associated with the trafficking of fentanyl and other synthetic opioids, including by cartels.
What You’ll Learn
- What is the Fend Off Fentanyl Act?
- What is unique and special about this for our BSA/AML programs?
- What are the three special orders?
- What do financial institutions need to know or do?
- What types of transactions are sanctioned?
- What to add to your policy and procedures?
Who Should Attend
This session is ideal for BSA/AML officers, OFAC officers, deposit operations, wire and funds transfer, compliance, and management.