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Daniel P. Stipano Quoted in an ACAMS Article, “Federal Response to Opioid Epidemic Raises Stakes for Financial Institutions”


Daniel P. Stipano

Daniel P. Stipano was quoted on November 29, 2017 in an ACAMS article, “Federal Response to Opioid Epidemic Raises Stakes for Financial Institutions,” which discussed the reclassification of certain opioids and the effect on financial institutions. The article stated, “A federal crackdown on the black-market trade of opioids in the United States increases compliance-related risks for financial institutions that maintain accounts for chemical manufacturers and distributors, say sources. On Nov. 9, the U.S. Drug Enforcement Administration moved to classify certain opioids with a chemical structure akin to fentanyl’s under the same category as heroin, marijuana and peyote amid an epidemic that claimed an estimated 40,000 lives in the United States in the year up to April 2016.”

Stipano added, “The reclassification of illicit fentanyl in and of itself does not obligate financial institutions to reconfigure their anti-money laundering controls in response but should at least draw the attention of compliance departments. Banks should be mindful of it when doing their due diligence on clients involved in a line of business that involves fentanyl in any way.”

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