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Mexican Deposit Rules Shifting Suspicious Funds to U.S. Banks: Regulators
By Colby Adams
printOnly a month after their adoption, new rules limiting U.S. dollar deposits into Mexican financial institutions have pushed money laundering activity into the United States, federal regulators said Tuesday. Since final adoption of the Mexican regulations in September, "we've seen, domestically, some increases in basic structuring accounts, as well as some foreign institutions approaching our banks to open bulk cash accounts," said John Wagner, director of compliance at the U.S. Treasury Department's Office of the Comptroller of the Currency (OCC). Proceeds of the multi-billion dollar drug trade "have to flow somewhere," said Wagner, speaking on a panel at an American...
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