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Home Compliance and Risk

FinCEN issues advisory on illegal fentanyl production

June 21, 2024
Reading Time: 1 min read
FinCEN, IRS-CI launch series to help banks combat fentanyl trafficking

The Financial Crimes Enforcement Network this week issued an advisory for financial institutions regarding new trends in the illicit fentanyl supply chain, particularly in relation to chemicals and equipment used in the production of the drug. The advisory urges financial institutions to remain vigilant in identifying and reporting suspicious activity associated with Mexico-based transnational criminal organizations and their procurement of fentanyl precursor chemicals and manufacturing equipment from China-based suppliers.

The advisory builds off FinCEN’s 2019 advisory on fentanyl trafficking, according to the agency. Among other things, the document lists typologies associated with the procurement of chemicals and equipment used to produce fentanyl and red flags that financial institutions should watch out for. Read the advisory.

Tags: Anti-money launderingFinCEN
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