FinCEN announces a targeted, data-driven operation on 100+ U.S. MSBs along the southwest border, to tackle potential ML and enforce stricter AML compliance

The multi-tiered, data-driven operation using advanced analytics of over one million banking records to identify compliance failures among Southwest border MSBs and address risks of illicit finance. It has already issued investigation notices, IRS examination referrals and numerous compliance outreach letters, signalling that non-compliance with Bank Secrecy Act AML/CFT obligations will trigger civil penalties, enforcement actions and potential criminal referrals…