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.
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 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.
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.