State Officials Question Whether Cartels Exploit Links Between US MSBs, Mexican Banks

By Colby Adams and Brian Monroe

State prosecutors along the U.S. border with Mexico are reviewing whether drug traffickers are acting as subagents for Mexican banks that front payments on behalf of American money services businesses, an Arizona official said. In an interview with ACAMS, Cameron Holmes, a senior prosecutor with the Arizona Attorney General's Office, said that the queries center on whether the Mexican banks in question properly screened subagents for links to drug cartels and financial crime before they began processing remittances for Western Union and other U.S. money services businesses, or MSBs. Homes declined to say whether a formal investigation had been...