FinCEN Targets Chinese Money Laundering Networks

In this episode, we explore a recent advisory from the Financial Crimes Enforcement Network (FinCEN) on the growing threat of Chinese Money Laundering Networks (CMLNs). These networks play a key role in moving illicit funds, including those connected to cartels involved in fentanyl production. We break down FinCEN’s guidance for U.S. financial institutions, including how to detect and report suspicious activity linked to these operations. The episode also discusses the potential for increased sanctions against foreign banks that facilitate these activities and the importance of thorough international banking reviews. Finally, we highlight why strong third-party due diligence is essential to protect businesses from the serious risks of money laundering and cartel-related financial crime.

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