30 Jun 2025
💵Special Measure Prohibiting CIBanco Funds Transfers Due to Money Laundering
Imposition of Special Measure Prohibiting Certain Transmittals of Funds Involving CIBanco S.A., Institución De Banca Multiple
Summary
FinCEN is issuing notice of an order prohibiting certain transmittals of funds involving CIBanco S.A., Instituci[oacute]n De Banca Multiple, a financial institution operating outside of the United States determined to be of primary money laundering concern in connection with illicit opioid trafficking.
Agencies
- Treasury Department
- Financial Crimes Enforcement Network
Business Impact
$$$ - High
The document concerns the imposition of restrictions on fund transfers involving CIBanco due to its role in facilitating money laundering connected to illicit opioid trafficking. This imposes regulatory compliance challenges for financial institutions, thereby impacting operational capacities and potential business relationships with CIBanco.