THOROUGHLY REWRITTEN ACCORDING TO TREASURY DEPT STATEMENT
By Yasin Gungor
ISTANBUL (AA) - The US is investigating more than 100 money service businesses near the border with Mexico to determine whether they violated anti-money laundering laws and helped cartels, drug traffickers and human smugglers, the Treasury Department said Monday.
The agency's Financial Crimes Enforcement Network (FinCen) is targeting non-bank financial service providers to disrupt criminal financial operations as part of the Trump administration's broader border crackdown.
Investigators are using new data-driven technology that allowed the agency to review more than one million currency transactions and 87,000 Suspicious Activity Reports, it said.
The operation has so far resulted in six notices of investigation, dozens of referrals to the Internal Revenue Service tax collection agency, and more than 50 compliance outreach letters, according to the agency.
Treasury Secretary Scott Bessent said the ongoing operation will "help root out potential cartel-related money laundering from the US financial system."
He said in a video statement that the agency "is utilizing all tools to stop terrorist cartels, drug smugglers, and human traffickers."
Bessent said that these types of businesses have a high risk of exposure regarding illegal activities such as money laundering related to human and drug trafficking.
"Make no mistake, we can and will take action to keep Americans safe," he said.