Treasury Secretary Scott Bessent has launched a massive, data-driven federal investigation targeting more than 100 money service businesses (MSBs) operating along the U.S. southwest border.
The announcement came as the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) revealed a multi-tiered enforcement operation aimed squarely at financial institutions suspected of facilitating cartel money laundering, human trafficking, and drug smuggling, especially the flow of deadly fentanyl into American communities.
Scott Bessent made the following announcement:
“At President Trump’s direction, the Treasury Department is utilizing all tools to stop terrorist cartels, drug smugglers, and human traffickers. In line with that effort, I’m announcing a new data-driven border operation to help root out potential cartel-related money laundering from the U.S. financial system.
Treasury’s Financial Crimes Enforcement Network, known as FinCEN, is targeting over 100 money service businesses along the Southwest border. Specifically, FinCEN is issuing six notices of investigation, dozens of examination referrals to the IRS, and over 50 compliance outreach letters.
These businesses, which provide financial services outside of a formal bank, face elevated exposure to illicit activity, including money laundering related to drug smuggling and human trafficking.
Thanks to Treasury’s push for technology modernization, we are now able to implement data-driven approaches to identify potential bad actors. When malicious activity is identified, make no mistake: we can and will take action to keep Americans safe.
President Trump has made clear his commitment to securing our border, stopping the flow of deadly fentanyl, and eliminating Mexico-based drug cartels to protect Americans.
Treasury will continue to use, expand, and advance technology—and every resource at its disposal—to combat money laundering and make America safe again.”
At President Trump’s direction, the Treasury Department is utilizing all tools to stop terrorist cartels, drug traffickers, and human smugglers. This sweeping operation examining U.S. money services businesses along the southwest border will help root out potential cartel-related… pic.twitter.com/7g1aRLx4rh
— Treasury Secretary Scott Bessent (@SecScottBessent) December 22, 2025
According to Treasury officials, FinCEN’s operation has already produced serious consequences:
- Six formal notices of investigation
- Dozens of examination referrals to the Internal Revenue Service (IRS)
- More than 50 compliance outreach letters
More from the press release:
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a multi-tiered operation targeting more than 100 U.S. money services businesses (MSBs) operating along the southwest border.
These MSBs—which provide financial services outside of a formal bank—are being examined for potential non-compliance with regulations designed to detect money laundering and combat illicit finance.
FinCEN’s operation resulted in the issuance of six notices of investigation, dozens of examination referrals to the Internal Revenue Service (IRS), and over 50 compliance outreach letters.
Hellbound and Down 