U.S. Officials Enlist Financial Sector In Crackdown On Opioid Trafficking

U.S. authorities have issued a new advisory to banks and money transmitters over foreign narcotics traffickers using the formal financial system to facilitate the sale of illegal synthetic opioids.

The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) on Wednesday warned financial institutions about "illicit financial schemes and mechanisms" related to the trafficking of fentanyl and other synthetic opioids.

The trend has significantly contributed to what FinCEN called "an unparalleled epidemic" of addiction in the United States, which has seen a surge in deaths in recent years.

To continue reading...

Our Key Benefits

PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.

We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.

We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.