The Financial Crimes Enforcement Network today issued orders identifying three Mexico-based financial institutions as being of primary money laundering concern in connection with illicit opioid trafficking. The orders represent the first time FinCEN has used its authority under the Fentanyl Sanctions Act and the FEND Off Fentanyl Act, which give it expanded powers to cut off U.S. financial sector access to actors engaged in alleged fentanyl and synthetic opioid trafficking.
The orders target 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). Covered financial institutions are prohibited from engaging in transmittals of funds from or to CIBanco, Intercam or Vector, or from or to any account or convertible virtual currency address administered by or on behalf of the three institutions. The prohibition becomes effective 21 days following publication in the Federal Register.
