Title firms have reported more than 18,000 transactions to U.S. officials in the four years since the first geographic targeting order on the real estate industry took effect, and more than 1,000 of those payments involved parties who had already been reported as high risk for illicit finance.
Six years after a high-profile raid on cash-intensive storefronts near downtown Los Angeles unearthed a massive trade-based money laundering network and tens of millions of dollars in drug proceeds, illicit finance has largely returned to the area, according to a senior investigator.
The Financial Crimes Enforcement Network imposed a $275,000 civil money penalty against the New York-based import and export company for violating the regulator's order pursuant to the Bank Secrecy Act.
March 31, 2022
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