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. Beginning Aug. 3, check cashers with branches or agents in Miami-Dade County or Broward County must obtain thumbprints, phone numbers, digital photographs and copies of identification documents from customers cashing federal refund checks valued above $1,000, the Financial Crimes Enforcement Network (FinCEN) said in a geographical targeting order. The bureau issued the order, which requires the enhanced reporting through Jan. 30 and record retention for an additional five years, in...
U.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.
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.
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.
Financial institutions have quickly adopted a U.S. Treasury Department ruling last month that relieved them from having to report personal data on the drivers of armored cars, say industry representatives.
The Financial Crimes Enforcement Network (FinCEN) issued an administrative ruling Friday clarifying when financial institutions must file currency transaction reports for transactions with armored car companies.