US probes money service businesses along Mexico border in fight against illegal immigration: Report

Treasury Department targets companies suspected of violating anti-money laundering laws; aiding drug traffickers, human smugglers

By Yasin Gungor

ISTANBUL (AA) - The US is investigating 100 money services businesses near the Mexico border to determine whether they violated anti-money laundering laws and helped cartels, drug traffickers and human smugglers, Axios reported Monday.

The Treasury Department'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, according to the report.

Investigators are using new data-driven technology that allowed the agency to review more than 1 million currency transactions and 87,000 Suspicious Activity Reports, Axios said.

The operation has so far resulted in six notices of investigation, dozens of referrals to the Internal Revenue Service and more than 50 compliance outreach letters, the report said.

Treasury Secretary Scott Bessent said the ongoing operation will "help root out potential cartel-related money laundering from the US financial system."

Kaynak:

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