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.
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.
Hampered by restricted access to international wire data, U.S. federal officials are hoping to shine a light on a suspected money-laundering ring through reports on cash payments in Miami's electronics sector.
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.
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.