News
With Targeting Orders Come Leads and Limited Means for Enforcement
By Colby Adams
printU.S. officials are likely to gather a wealth of data from the imposition of newly-mandated reporting requirements but may have limited means to directly enforce compliance with the rules, according to government sources. Since October 2014, the U.S. Financial Crimes Enforcement Network (FinCEN) has ordered hundreds of businesses in four states to enhance their collection and reporting of data on certain client transactions as part of an effort to identify regional and international money laundering operations. The geographical targeting orders (GTOs) apply to clothing and electronics retailers, armored car companies, check cashers and title insurance firms. The measures have generated...
TO READ THE FULL STORY
Subscribe
Learn More
Related News
Some of the 700 Miami-area electronics retailers placed under enhanced reporting requirements by the U.S. Treasury Department last year are routing payments through recently-created offshore branches to circumvent the rules.
The U.S. Treasury Department on Wednesday directed title insurance firms involved in real estate transactions to collect data on the beneficial owners of companies acquiring luxury properties in Manhattan and Miami with cash.
U.S. banks have observed a spike in unusual third-party wires and checks to Miami-area electronics vendors following the issuance of a federal order requiring new regulatory reporting from the sector.
The U.S. Treasury Department on Monday ordered money services businesses in South Florida to more closely scrutinize clients cashing federal tax-refund checks as part of a crackdown on rampant fraud.
The U.S. Treasury Department on Tuesday directed hundreds of electronics companies near Miami to comply with enhanced cash reporting requirements as part of a federal effort to expose a trade-based money-laundering scheme.
A U.S. Treasury Department order last summer calling for greater reporting by armored car companies in Southern California has driven a sharp spike in federal cash seizures near San Diego.
Companies linked to an ongoing trade-based money laundering operation in the Los Angeles fashion district are willing to break the law again, provided their payouts are more effectively disguised, an investigator said Tuesday.
Beginning this month, businesses in Los Angeles' Fashion District must record when they accept $3,000 or more in cash, the U.S. Treasury Department said Thursday.
The U.S. Treasury Department said Friday that, in response to law enforcement concerns, armored car services and other couriers transporting cash between Tijuana, Mexico and San Diego, California must comply with enhanced border declaration requirements.