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In 2024, Banks, MSBs Flagged Lion’s Share of Fentanyl Transactions

Fentanyl traffickers may have moved at least $1.4 billion of their proceeds in and out of the U.S. financial system last year, Bank Secrecy Act-related reporting shows. In a 21-page "Financial Trends Analysis," the Financial Crimes Enforcement Network revealed Wednesday that banks and other depository institutions together with money services businesses filed 90 percent of the 1,246 suspicious activity reports the bureau received last year on transactions potentially linked to the production, distribution and sale of fentanyl. All other fentanyl-related SARs filed in the U.S. last year originated from futures dealers, casinos, card clubs and other types of financial institutions,...

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