The Financial Crimes Enforcement Network (FinCEN) issued a finding and notice of proposed rulemaking identifying transactions involving ten specified Mexico-based gambling establishments as a class of transactions of primary money laundering concern. The proposal would bar covered financial institutions from opening or maintaining a correspondent account for any foreign banking institution if the account is used to process transactions involving any of the named gambling establishments, with the stated aim of cutting off their access to the US financial system. The finding covers Emine Casino, Casino Mirage, Midas Casino in Agua Prieta, Midas Casino in Guamúchil, Midas Casino in Los Mochis, Midas Casino in Mazatlan, Midas Casino in Rosarito, Palermo Casino, Skampa Casino in Ensenada, and Skampa Casino in Villahermosa. FinCEN assesses the establishments are ultimately controlled by a criminal group that facilitates money laundering for the Cartel de Sinaloa, including by sending illicit payments to senior cartel members and receiving instructions on avoiding detection by financial institutions’ anti-money laundering screening systems. The action was coordinated with the Government of Mexico and taken concurrently with sanctions by the Treasury’s Office of Foreign Assets Control against persons in the criminal group. Written comments on the proposed rule are due within 30 days of its publication in the Federal Register. FinCEN is not proposing new or amended Suspicious Activity Report (SAR) obligations, but requests that SARs involving these establishments include “FIN-311-Gambling-Establishments” in Field 2 and in the narrative. FinCEN also highlighted its Bank Secrecy Act whistleblower incentive program, under which information leading to a successful enforcement action resulting in monetary penalties exceeding USD 1,000,000 may be eligible for an award, including potential enforcement tied to any finalised special measure.
Financial Crimes Enforcement Network 2025-11-13
Financial Crimes Enforcement Network proposes Section 311 measure to block correspondent banking tied to 10 Mexico-based gambling establishments
FinCEN proposes a rule to designate transactions involving ten Mexico-based gambling establishments linked to the Cartel de Sinaloa as primary money laundering concerns, aiming to sever their US financial system access. The action is coordinated with the Mexican government and the Treasury’s Office of Foreign Assets Control. FinCEN requests Suspicious Activity Reports include specific identifiers and highlights its whistleblower program for enforcement actions.