FinCEN Issues Advisory on Opioid Financial Schemes

The Financial Crimes Enforcement Network has issued an advisory to help financial institutions identify financial schemes related to trafficking of synthetic opioids.

The advisory outlines tactics used by drug traffickers and consumers and includes information that will aid institutions in detecting and reporting criminal activity.

"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."

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."

Read the Full Advisory