The Financial Crimes Enforcement Network has extended by more than a month the effective dates for orders involving three Mexico-based financial institutions with alleged ties to fentanyl trafficking, according to an agency statement.
The June orders targeted CIBanco S.A., Institución 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. Covered institutions are also directed to consider the finding of primary money laundering concern when complying with other Bank Secrecy Act obligations, including BSA program rule obligations.
Financial institutions now have an additional 45 days — until Sept. 4 — to implement the orders.
The orders represented 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. Updated FAQs are available on FinCEN’s website.
