The Financial Crimes Enforcement Network has issued an alert reminding money services businesses to remain vigilant in identifying and reporting suspicious activity connected to cross-border funds transfers involving people without legal status in the U.S.
In a statement, FinCEN said the U.S. has witnessed a significant volume of cross-border funds transfers, including remittances from individuals located in the country.
MSBs are generally required to file a suspicious activity report for a transaction that involves at least $2,000 and that they know, suspect or have reason to suspect is relevant to a possible violation of law or regulation, FinCEN said. This includes the cross-border transfer of funds derived from unlawful employment or otherwise derived from funds the MSB knows, suspects or has reason to suspect were illicitly obtained in the U.S.
