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'FUNNEL ACCOUNT' ADVISORY ISSUED
updated 06/08/14 10:36 AM
FinCEN Guidance on Red Flags
The Financial Crimes Enforcement Network (FinCEN) has issued an advisory to financial institutions regarding the increased use of “funnel accounts” as part of trade-based money laundering (TBML) conducted by criminals following restrictions on U.S. currency transactions in Mexico.

The advisory provides “red flags” that may assist credit unions in identifying and reporting suspicious funnel account activity.

Click here to view the advisory.

The advisory presents the following helpful information:

  • Explanation of what a funnel account is.
  • Background regarding the most recent issue.
  • Typical steps of funnel account activity in conjunction with TBML.
  • Funnel account and TBML red flags.
  • Guidance for financial institutions.
  • Contact and hotline information.

                           
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