On March 2, 2023, the OFAC sanctioned eight Mexican companies linked to timeshare fraud on behalf of the Cartel de Jalisco Nueva Generacion (CJNG). A timeshare is a shared ownership model of vacation real estate in which multiple purchasers own allotments of usage in the same property. Timeshare fraud happens when scam artists call sellers of timeshares, posing as a reseller or real estate agent, then claims to have a buyer for the timeshare or guarantees he can sell the timeshare for a good price.

On January 25, 2023, FinCEN issued an alert to financial institutions on potential investments in the U.S. commercial real estate sector by sanctioned Russian elites, oligarchs, their family members, and the entities through which they act. The alert lists potential red flags and typologies involving attempted sanctions evasion in the commercial real estate sector, and reminds financial institutions of their Bank Secrecy Act (BSA) reporting obligations. 

On January 23, 2023, the Federal Reserve Board announced that it had fined Popular Bank of New York, New York, $2.3 million for processing six Paycheck Protection Program (PPP) loans despite having detected that the loan applications contained significant indications of potential fraud. The bank also failed to report the potential fraud in a timely manner. 

On January 18, 2023, FinCEN issued an order that identifies the virtual currency exchange Bitzlato Limited (Bitzlato) as a “primary money laundering concern” in connection with Russian illicit finance. This is the first order issued pursuant to section 9714(a) of the Combating Russian Money Laundering Act, as amended, and highlights the serious threat that business operations that facilitate and support Russian illicit finance pose to U.S. national security and the integrity of the U.S. financial sector. 

On January 13, 2023, FinCEN issued an alert which aims to better aid financial institutions in the detection of financial activity related to human smuggling along the southwest border of the United States. The alert provides trends and typologies specifically related to human smuggling occurring along the SW border. It also provides red flag indicators to help financial institutions better identify transactions potentially related to human smuggling and reminds financial institutions of their Bank Secrecy Act (BSA) reporting obligations.

On five Wednesdays in February and March 2023, the CFPB will be hosting a series of webinars regarding approaches to combatting elder financial exploitation. Interested persons are invited to join the webinars by registering through the online form provided by the CFPB. 

On December 22, 2022, FinCEN issued a Financial Trend Analysis on the financial activity of Russian oligarchs. The report focuses on trends seen in Bank Secrecy Act (BSA) reports filed involving Russian oligarchs, high-ranking officials, and sanctioned individuals. In addition, the report highlights the value of BSA data filed by regulated financial institutions.

On November 30, 2022, the FATF released its first ever report on money laundering from fentanyl and synthetic opioids with recommendations for countering financial flows from the illicit drug trade, which claims thousands of lives around the world. The report, which was co-led by the United States and Canada, looks at the way proceeds are laundered from synthetic opioids trafficking.