FinCEN identifies 10 Mexico-based casinos as primary ML concerns for funneling funds to the Sinaloa Cartel and proposes U.S. banking restrictions to sever the cartel’s access to the financial system

FinCEN issues a finding and proposes a rule under Section 311 of the USA PATRIOT Act that prohibits covered U.S. financial institutions from opening or maintaining correspondent accounts for foreign banks involved in transactions with the ten identified Mexico-based gambling establishments. The action follows analysis showing that these establishments, allegedly controlled by a criminal group in collaboration…