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Four individuals and a medical supply firm in California face trial for allegedly structuring some $20 million of transactions over a 5-year period in efforts to avoid detection by financial institutions.
Several of the world's largest financial institutions have moved quickly to limit risks posed by their corporate clients in the six months since U.S. officials finalized a long-anticipated customer due diligence rule, while smaller lenders have treaded a rougher path towards implementation.
The real estate sector's vulnerabilities to money laundering and corruption extend beyond simple schemes to use illicit funds when purchasing property. In many cases, the third parties involved in such deals pose risks too.
U.S. officials on Wednesday ordered title insurance firms to disclose high-value cash purchases of real estate in California, Texas, Florida and New York as part of an effort to identify money laundering.
The U.S. Treasury Department finalized its long-awaited customer due diligence rule Friday shortly after the introduction by the White House of a bevy of corporate transparency-related measures.
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.
It has had a difficult childhood and a rocky adolescence, but Bitcoin is a pretty smart payment protocol that still has a promising future.
