Danielle Austin-Rios, CAMS also contributed to this article
From drug cartels to street gangs, the illegal drug market has been a consistent moneymaker for drug trafficking organizations (DTOs), and there is no end or slowdown in sight. Identifying and reporting money streams involving DTOs is a staple of the Bank Secrecy Act and this year, pursuant to the AML Act. FinCEN has listed DTOs as one of its priorities.
In addition to bringing in billions of dollars, this activity is an incredible strain on the public health emergency fund. Former Attorney General William P. Barr with the Department of Justice (DOJ) released a report in October of 2020 stating, “The addiction crisis has taken an enormous toll on America’s families and communities, eroding public health, threatening public safety and claiming tens of thousands of lives year after year.”