The U.S. Treasury Department has identified nearly $5 billion in bank and other transactions linked to suspected human smuggling between 2023 and 2025, according to a forthcoming Financial Crimes Enforcement Network (FinCEN) report. The Financial Trend Analysis report, which examined 67,540 Bank Secrecy Act (BSA) reports, found $4.9 billion in suspicious exchanges.
Much of the flagged activity involved excessive cash transactions along the U.S. southwest border, as well as transfers along other common migration routes. These transactions often featured unverifiable relationships between originators and beneficiaries, inconsistent payment amounts, unexplained refunds, and contracts that did not align with actual money movements.
Some flagged payments exceeded $3 million for charter flights believed to be connected to human smuggling operations, including flights moving individuals from the Middle East to Central America. One identified company was linked to incidents involving a chartered flight carrying Indian nationals from Egypt to Nicaragua via the UAE.
The report noted a peak in suspicious transactions in 2024, with 29,266 reports filed. However, this figure dropped to 11,018 reports in 2025, a 62% decrease from the previous year. This decline occurred amid heightened scrutiny of potential smuggling and trafficking operations, particularly in the lead-up to the U.S. hosting the 2026 World Cup.
The U.S. was the origin of the highest number of suspicious transactions, with California and Texas reporting the most. Mexico, Guatemala, Honduras, and Colombia also featured prominently.
Money Services Businesses (MSBs) accounted for at least 97% of the transactions, while traditional banks were associated with approximately 3%. Of the total money flagged in BSA data, about $3 billion, or 61%, came from depository institutions. The analysis also revealed that 59% of the reports showed no verifiable familial connection between the parties involved.
FinCEN Director Andrea Gacki stated that many human smuggling networks profit larger transnational criminal organizations, including Mexico-based drug cartels. She added that suspicious activity flagged by financial institutions provides critical information, and that FinCEN will continue to collaborate with the private sector and law enforcement to dismantle smuggling networks and secure U.S. borders.
People smuggling is defined legally as the unlawful transportation of unauthorized persons into the U.S. It is distinct from human trafficking, which involves the recruitment, coercion, or transportation of individuals for forced labor or commercial sex acts.
During the previous administration, a significant number of migrants entered the U.S. by crossing the Mexico border before being apprehended. Many of the over 8 million encountered at the frontier were subsequently released into the U.S. interior.