WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has issued an advisory alerting financial institutions to recent schemes related to the trafficking of fentanyl and other synthetic opioids.
The advisory outlines tactics used by drug traffickers and consumers and includes information that will aid institutions in detecting and reporting related criminal activity, NAFCU said.
"The Bank Secrecy Act data that FinCEN collects, analyzes, and disseminates provides tremendous insight into the illicit financial networks and individuals fueling America's deadly opioid crisis," said FinCEN Director Kenneth Blanco in a statement. "We are making the financial sector aware of tactics and typologies behind illicit schemes to launder the proceeds of these fatal drug sales, including transactions using digital currency and foreign bank accounts."
“Financial institutions must be on alert to red flags and other indicators of the complex schemes fentanyl traffickers are employing so that financial institutions can report and share relevant information with law enforcement, and ultimately help save lives," Blanco added.
FinCEN also notes that an analysis of financial data determined that when individuals in the U.S. purchase fentanyl directly from foreign countries, they often evade BSA requirements. The agency, in conjunction with the Office of Foreign Assets Control, also announced coordinated actions against those who "manufacture, sell, or distribute synthetic opioids or their precursor chemicals."