The Treasury Department has identified nearly $5 billion in bank transactions tied to suspected human smuggling.
Treasury’s Financial Crimes Enforcement Network, known as FinCEN, found $4.9 billion in suspicious exchanges by analyzing Bank Secrecy Act data from January 1, 2023, through December 31.
The forthcoming Financial Trend Analysis report shows the scope of money moving through financial channels to facilitate illegal migration.
Much of that amount included “excessive cash activity conducted along the southwest border of the United States,” according to the report.
The flagged transactions also involved transfers along other “common migration routes” and showed “unverifiable relationships between originators and beneficiaries.”
“The transactions involved multiple discrepancies, including inconsistent payment amounts, unexplained refunds, and contracts that did not align with actual money movements,” the report noted.
Some flagged payments totaled more than $3 million for charter flights believed linked to human smuggling between the Middle East and Central America.
“The filer connected one of the involved companies to human smuggling incidents, including a chartered flight carrying Indian nationals from Egypt to Jamaica through the UAE, and finally on to Nicaragua,” the report stated.
From Nicaragua, the migrants were able to attempt to enter the US by land.
FinCEN analysts examined 67,540 BSA reports in total.
The peak came in 2024, with 29,266 suspicious transactions recorded.
Just 11,018 BSA reports were filed in 2025.
That marks a 62% decline from the previous year.
The drop came amid heightened scrutiny of potential smuggling or trafficking operations.
The increased attention came particularly in the lead-up to the US hosting the 2026 World Cup.
The US hosted the greatest number of suspicious transactions overall.
California and Texas were the states from where the most reports originated.
Mexico, Guatemala, Honduras and Colombia followed as top sources of flagged activity.
At least 97% of the transactions involved Money Services Businesses.
Around 3% were associated with banks.
Around $3 billion — or 61% — of the actual money flagged in BSA data came from traditional depository institutions.
59% of the reports showed “no verifiable familial connection” between the two parties involved in the transaction.
“Many human smuggling networks generate profit for larger transnational criminal organizations, including Mexico-based drug cartels,” said FinCEN Director Andrea Gacki in a statement.
“Suspicious activity flagged by financial institutions provides critical information, and we will continue to work closely with both the private sector and law enforcement to dismantle human smuggling networks and protect our borders,” Gacki added.
Legally, people smuggling is considered the unlawful transportation of unauthorized persons inside the US.
It is separate from human trafficking, which involves the recruitment, coercion or transportation of a person into forced labor or commercial sex acts.
Under former President Joe Biden, a record-breaking number of migrants entered the US by illegally crossing the Mexico border before they were apprehended.
Many of the more than 8 million encountered at the frontier were later released into American interior.
The Biden administration’s border policies had faced sustained criticism from Republicans.
The Trump administration has made border security a central focus since returning to office.
The sharp drop in BSA reports in 2025 coincided with the change in administration.
Trump took office on January 20.
His administration has pursued aggressive measures to curb illegal immigration.
The Treasury data offers a rare financial-system window into the scale of human smuggling operations.
The $4.9 billion figure covers only transactions flagged as suspicious, not proven smuggling payments.
Financial institutions file BSA reports when they detect potential money laundering or other illicit activity.
FinCEN then analyzes these reports to identify trends and support law enforcement.
The advisory on unlawful employment of illegal aliens, issued separately by FinCEN, highlighted related financial crimes.
“President Trump has done more than anyone in history to secure our nation’s borders. Part of that effort includes securing our financial system,” said Treasury Secretary Scott Bessent in that advisory.
“This Administration will not allow illegal aliens to abuse financial institutions to steal billions of dollars from hardworking American taxpayers,” Bessent continued.
That advisory noted that in 2025, financial institutions reported over $2.5 billion in suspicious activity associated with payroll tax fraud schemes involving unlawful workers.
The human smuggling analysis and the employment fraud advisory represent parallel Treasury efforts to target migration-related financial crimes.
Both rely on BSA data and financial institution reporting.
The 2026 World Cup, to be hosted across the US, Canada and Mexico, has intensified border security concerns.
Officials have warned that major international events can attract increased smuggling activity.
The 62% drop in reports suggests either reduced smuggling activity or altered methods following enhanced enforcement.
FinCEN did not specify which factor drove the decline.
The report’s release comes as the Trump administration prepares additional border measures.