FinCEN issues advisory on fentanyl crisis

The Financial Crimes Enforcement Network issued an advisory for financial institutions to be vigilant of suspicious activity regarding illicit fentanyl and other synthetic opioids.

The advisory highlights new trends in the drug supply chain since the network’s 2019 Fentanyl Advisory.

“FinCEN is issuing this supplemental advisory, which includes typologies and red flags associated with the purchase of fentanyl precursor chemicals and manufacturing equipment, to assist U.S. financial institutions in identifying and reporting suspicious activity. This supplemental advisory also reminds U.S. financial institutions of their regulatory requirements under the Bank Secrecy Act (BSA) and its implementing regulations. U.S. financial institutions’ BSA reporting to FinCEN allows law enforcement to follow the money behind the illicit fentanyl supply chain, identify and prosecute the illicit actors that profit off this unprecedented epidemic and ultimately aid in the effort to save American lives.”