Attempts to smuggle cash from Texas into Mexico have spiked following the country's decision last year to partially lift a cap on U.S. dollar deposits, according to federal investigators.
In internal reviews and an ongoing criminal and regulatory investigation, Citigroup employees and Mexican officials have privately voiced concerns that drug traffickers may have infiltrated Banamex's anti-money laundering department, say sources.
Mexican officials will extend until February an upcoming deadline for nonbank companies to implement anti-money laundering controls, according to sources with knowledge of the matter.
An agreement formalizing cooperation between a Mexican financial regulator and a U.S. overseer of money services businesses and banks is likely to result in more enforcement actions in both countries.
Bank compliance staff should better scrutinize clients tied to Central America and Mexico's cattle industry following a spate of related U.S. sanctions, say current and former officials.
Recent investigations indicate that a number of Mexican brokerage firms are converting drug profits into pesos and using a network of couriers to layer the money in American bank accounts.
A list of alleged Mexican drug traffickers could aid anti-money laundering departments in identifying suspicious transactions, say compliance officers.
U.S. lawmakers may need to earmark more money for Mexico's financial intelligence unit as part of a $1.9 billion aid package intended to help fight drug trafficking, a federal official said Thursday.
The U.S. government's landmark case against HSBC Holdings Plc for knowingly turning a blind eye to financial crime is seemingly fated to end much as it began: complex and messy.
Changes to the final version of Mexico's new anti-money laundering law leave important gaps in the nation's compliance regime, and may elicit criticism from an intergovernmental policymaker, say analysts.
When Mexico's President Felipe Calderon relinquishes power in December to his successor, he'll leave behind a decidedly mixed legacy in the fight against the country's drug cartels. But U.S. law enforcement agents and other officials worry that Mexico's next leader could do worse, sources say.
The White House proposed Monday trimming the U.S. Treasury Department's budget by three percent for the coming fiscal year, including a seven percent drop in funding for the country's financial intelligence unit.
Mexico has lost as much $91 billion per year to capital flight associated with tax evasion and corruption during the last decade, according to a report by an American advocacy group.
State prosecutors along the U.S.-Mexico border are studying whether drug traffickers are acting as subagents for Mexican banks that front payments on behalf of American money services businesses.
The Mexican Finance Ministry Tuesday unveiled strict new limits on cash deposits of U.S. dollars in efforts to curb the flow of illicit cash into the financial system from drug traffickers.
Dozens of U.S. banks along the country's southern border are denying new accounts to wealthy Mexican nationals and corporations because of due diligence troubles caused by drug-related violence in Mexico.
Mexico bolstered its anti-money laundering and counterterrorism financing regulations for banks Monday, requiring more stringent suspicious activity reporting and customer identification.
Mexican law enforcement agents are not adequately investigating money laundering despite an "unprecedented threat" to the country by drug cartels, an anti-money laundering watchdog said Tuesday.
The United States released $197 million in aid for equipment and training in Mexico, as part of a regional program to combat drug trafficking and terrorism, according to government officials.
Mexico and the United States will create a joint trade intelligence organization to collect and analyze data on the movement of goods between the two countries as part of an effort to stem money laundering and fraud.