FinCEN’s Section 2313a Orders Aim to Counter Illicit Opioid Trafficking
In June 2025, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued orders identifying three Mexico-based banks as being of “primary money laundering concern” in connection with illicit opioid trafficking. The banks are:
• CIBanco S.A., Institution de Banca Multiple (CIBanco),
• Intercam Banco S.A., Institución de Banca Multiple (Intercam), and
• Vector Casa de Bolsa, S.A. de C.V. (Vector).
FinCEN issued these orders pursuant to Section 2313a of the FEND Off Fentanyl Act of 2024 (21 U.S.C. 2313a), which grants the Secretary of the Treasury (Secretary) authority to make a finding that “reasonable grounds exist for concluding” that any of the following is of primary money laundering concern in connection with illicit opioid trafficking:
(1) One or more financial institutions operating outside of the United States;
(2) One or more classes of transactions within, or involving, a jurisdiction outside of the United States; or
(3) One or more types of accounts within, or involving, a jurisdiction outside of the United States
Upon making such a finding, the Secretary is authorized to require domestic financial institutions and domestic financial agencies to take certain “special measures,” which are safeguards that may be employed to defend the U.S. financial system from money laundering risks connected to illicit opioid trafficking. This authority has been delegated to FinCEN.
The orders require “covered financial institutions” to cease “any and all transmittal of funds” from and to CIBanco, Intercam, or Vector starting October 20, 2025 (the effective date was initially July 21, 2025, then September 4, 2025). Covered financial institutions include any domestic financial institution, as defined in 31 CFR 1010.100(t), which includes U.S. banks, credit unions and money services businesses (MSBs) among other institutions. Note that the orders do not currently have any expiration date.
Frequently Asked Questions (FAQs)
The following information is derived from some of FinCEN’s responses to financial institutions’ questions regarding implementation of the orders. We’re hitting the highlights in this blog post, so please be sure to also review the individual FinCEN FAQs for more information.
How is Section 2313a different from Section 311 of the USA PATRIOT Act?
Both Section 311 and Section 2313a provide FinCEN with important tools for combatting illicit finance. These authorities differ, however, in scope. While Section 311 provides Treasury with authority to address a relatively broad array of money laundering concerns, Section 2313a specifically focuses on money laundering in connection with illicit opioid trafficking and authorizes Treasury to impose a broader set of special measures than would be available under section 311, including prohibiting or placing conditions on transmittals of funds via order. [FinCEN FAQ 2]
What steps should credit unions take to comply with the orders?
According to FinCEN, credit unions should:
• Cease any and all transmittals of funds, from or to CIBanco, Intercam, or Vector, as defined in the orders (starting on October 20, 2025).
• Consider the finding of primary money laundering concern regarding the three designated banks when complying with other Bank Secrecy Act (BSA) obligations, including any appliable obligations to establish and maintain anti-money laundering and countering the financing of terrorism (AML/CFT) compliance programs.
• Implement appropriate AML/CFT procedures and systems (e.g., transaction monitoring and/or screening tools) to identify “customers” and determine their involvement in a transmittal of funds involving CIBanco, Intercam, or Vector; and
• File suspicious activity reports (SARs), when warranted. [FinCEN FAQ 8]
Does the term “transmittal of funds” include all payment methods and for all purposes?
Yes, the orders define transmittals of funds quite broadly as “the sending and receiving of funds,” including convertible virtual currency. Therefore, credit unions should “cease any and all” wire, ACH, or other transmittal of funds “from and to” CIBanco, Intercam, or Vector starting on October 20, 2025. [FinCEN FAQ 12]
Does the FinCEN order require credit unions to block funds in accordance with Office of Foreign Assets Control (OFAC) regulations?
No. Unlike sanctions designations implemented by OFAC, FinCEN orders do not require covered financial institutions to block transactions or freeze funds. There is also no requirement to report these transactions to OFAC, unless they are otherwise reportable under OFAC’s authorities. [FAQs 8, 10, 11]
Must credit unions file suspicious activity reports (SARs) when identifying or rejecting funds transfers from CIBanco, Intercam, or Vector?
The orders authorize the rejection of transmittals of funds from CIBanco, Intercam, and Vector. They do not impose any new SAR reporting obligations. Consistent with existing BSA requirements, credit unions may consider in determining whether to file a SAR, “as warranted and appropriate,” CIBanco, Intercam, and Vector’s identification as being of primary money laundering concern in connection with illicit opioid trafficking.
If a SAR is filed on one of the designated banks, FinCEN requests that credit unions enter “CIBanco2313a FIN-2025”, “Intercam2313a FIN-2025”, and “Vector2313a FIN-2025”, as appropriate in Field 2 (Filing Institution Note to FinCEN). [FinCEN FAQs 15, 16]
Do credit unions need to retroactively apply the FinCEN orders?
No. Credit unions are only responsible for applying the orders to transactions that occur once the orders go into effect on October 20, 2025. [FinCEN FAQ 14]
What are the penalties for noncompliance with the orders?
Civil penalties: FinCEN may impose a civil money penalty in an amount equal to not less than two times the amount of the transaction, but not more than $1,776,364 (31 CFR 1010.821) on any covered financial institution that violates a Section 2313a order.
Criminal penalties: A covered financial institution that willfully violates a Section 2313a order may also be subject to a criminal fine in an amount equal to not less than two times the amount of the transaction, but not more than $1,000,000. [FinCEN FAQ 13]
Click here to view the FinCEN FAQs in their entirety, and here for more detailed information on the Section 2313a orders.
Questions? Suggestions for future blog posts? Contact the Compliance Team at compliance@americascreditunions.org.