AML Conversations Fentanyl in North America, FinCEN on CIP, OCC, and FATF on VASPs
Jul 4, 2025
In this conversation, Joe McNamara, a speaker on anti-money laundering efforts, dives deep into the battle against fentanyl trafficking. He discusses recent designations of Mexican financial institutions by the Treasury and highlights Canada’s establishment of a new FinTRAC intelligence unit. The talk also covers pivotal updates from FATF regarding virtual assets and the OCC's findings on banking risks. Additionally, Joe sheds light on FinCEN's changes to TIN collection practices, addressing the evolving landscape of financial crime prevention.
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EU Creates Super AML Authority
- The new EU Anti-Money Laundering Authority (AMLA) will serve as a super FIU harmonizing AML efforts across member states. - This centralized authority aims to boost effectiveness by aligning member FIUs and statutory activities.
Cross-Border Fentanyl Efforts
- Treasury designated three Mexican financial firms linked to drug cartels as primary money laundering concerns under a new authority. - Canada launched a rapid response intelligence unit at Fintrac targeting fentanyl traffickers, showing cross-border cooperation.
FATF Focuses on Virtual Assets
- FATF highlights ongoing challenges in regulating virtual asset service providers, especially identifying individual actors and licensing gaps. - Stablecoins' rise and illicit use by actors like North Korea underline growing risks in the borderless digital asset space.