August 2016
Guidance to Financial Institutions on the Repatriation of Currency Smuggled into Mexico from the United States
The Financial Crimes Enforcement Network is issuing this advisory to U.S. financial institutions so that they may better guard against an increasingly prevalent money laundering threat involving the smuggling of bulk U.S. currency into Mexico. This advisory warns U.S. financial institutions of the potential misuse of relationships with U.S. financial institutions by certain Mexican financial institutions, including Mexican casas de cambio. U.S. financial institutions should take reasonable steps to guard against abuse of their financial services by these entities.
FinCEN’s Guidance on Determining Whether Tribally Owned and Operated Casinos are Eligible for Exemption From CTR Requirements Under 31 C.F.R. §103.22(d)(2)
FinCEN receives numerous questions from depository institutions regarding the applicability of exemptions from filing Currency Transaction Reports (CTRs) for tribally owned and operated casinos in accordance with the Bank Secrecy Act (BSA), 31 U.S.C. §5311 et seq., and its implementing regulations, found in 31 C.F.R. §103.22. The following guidance addresses this issue.
Exemption for Department or Agency of the Government
Guidance on Definition of Check Casher and BSA Requirements
1. Is a business that cashes a check with a face value of over $1,000 by providing the customer with $999 in currency and the balance in money orders or a wire transfer a “check casher” for Bank Secrecy Act (BSA) purposes?
FinCEN Notice 2011-3 Administrative Relief for Sellers and Providers of Prepaid Access
FinCEN is issuing this Notice to provide administrative relief to sellers and providers of prepaid access that would otherwise be subject to certain Bank Secrecy Act ("BSA") requirements imposed by a final rule published on July 29, 2011 (the "Final Rule").1 As a result of this administrative relief, sellers of prepaid access will have until March 31, 2012 to comply with those requirements that are scheduled to go into effect beginning September 27, 2011.
Anti-Money Laundering Programs and Records in English
Question:
My money services business understands that Bank Secrecy Act regulations (31 C.F.R. Part 103) require, among other things, implementing a written anti-money laundering program and maintaining records of certain transactions. Because of the nature of my business, I would prefer to fulfill these requirements using a language other than English. Does the Financial Crimes Enforcement Network require money services businesses to use the English language for their anti-money laundering programs and Bank Secrecy Act records?Answer:
CMIR guidance for common carriers of currency, including armored car services
The Financial Crimes Enforcement Network (“FinCEN”) is issuing this guidance to correct observed deficiencies and enhance compliance by common carriers of currency,1 including armored car services, with the filing requirements of FinCEN 105, Report of International Transportation of Currency or Monetary Instruments (“CMIR”).
Background