FinCEN analysis on fentanyl-related BSA reports released

Financial institutions filed 1,246 Bank Secrecy Act (BSA) reports last year flagging suspected fentanyl-related activity totaling roughly $1.4 billion in suspicious transactions, according to a financial trend analysis released today by the Financial Crimes Enforcement Network (FinCEN).

The analysis found that depository institutions and money services businesses (MSBs) in the U.S. accounted for 57% and 32% of fentanyl-related BSA reports, respectively. These filings identified suspected illegal activities involving parts of the fentanyl supply chain that often use the U.S. financial system to transfer money globally. Mexico and China were the two most frequently cited foreign countries in the subject address fields of the reports.

FinCEN noted that domestic fentanyl sales are largely conducted using cash and peer-to-peer transfers. Reports involving convertible virtual currency primarily referenced bitcoin transactions, often linked to suspected darknet marketplace drug sales. See more of the analysis here.