The US Congress is cracking down on money schemes in the art market
Surprisingly, efforts to stop money laundering have shown a big hole in our financial system: the luxury art market, where criminal groups like Latin American cartels, terrorist financiers, and sanctioned Russian oligarchs launder billions of dollars every year. We have known about traditional ways to wash money for a long time, but the art world has mostly not been regulated, which is a recipe for illegal financial activity. The new "Art Market Integrity Act" is a big step forward in the fight against money laundering. This law is different from past attempts to regulate art transactions because it focuses on high-value transactions and requires dealers and auction houses to put in place strong anti-money laundering measures. These rules also t...
FinCEN Uses New Power to Go After Mexican Banks That Work with Drug Cartels
The U.S. Financial Crimes Enforcement Network (FinCEN) has officially named three Mexico-based banks as "primary money laundering concerns" under Section 311 of the USA PATRIOT Act and expanded authorities given to it by the FEND Off Fentanyl Act (FOFA). This is a big step in enforcement. The move, which was made public on June 25, 2025, is the first time FinCEN has used its fentanyl-related authority to stop money from going to cartels. The names are aimed at: CIBanco S.A. Intercam Banco S.A. Vector Casa de Bolsa S.A. de C.V. is one of Mexico's biggest broking firms and manages about $11 billion in assets. FinCEN has pushed back its original September 4 deadline for U.S. banks, remittance companies, and money service organisations to stop sending money to these companies until October...
Mid-Year 2025: Key AML Enforcement and Rulemaking Issues That U.S. Institutions Are Working On
In Washington, D.C., August 2025. A lot changed in 2025 about how the United States executes its anti-money-laundering (AML) regulations. This was because FinCEN was severe about following the rules and adopting new ones under the Bank Secrecy Act (BSA). The Gibson Dunn Mid-Year AML Update (August 4, 2025) and DLA Piper's 2025 Financial Regulatory Outlook both show a clear trend: sanctions, counter-narcotics enforcement, and AML compliance are all coming together. The regulatory net is getting bigger and bigger, reaching far beyond traditional banks. 1. More Sanctions—AML Convergence Focus Areas: FinCEN's use of the FEND Off Fentanyl Act to blacklist Mexican banks has created a new mechanism to enforce the law that includes drug-trade financing, sanctions, and AML standards. Trade-based mon...
Mexico is telling the U.S. to prove its case in a fight over cartel money laundering.
June to October 2025 in Mexico City and Washington, D.C. The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) punished three Mexican banks for allegedly laundering money for drug cartels, which has led to a massive diplomatic fight between the U.S. and Mexico. On June 26–27, 2025, Mexico's President Claudia Sheinbaum publicly accused Washington of taking financial moves on its own without showing proof. She asked for written proof to back up what she said. President Claudia Sheinbaum remarked at a press conference on June 27, 2025, "We haven't gotten enough proof to back up these claims. Mexico respects due process and will only act on verified information." On June 25, FinCEN listed CIBanco, Intercam Banco, and Vector Casa de Bolsa as "primary money laundering concern...
