Compliance Communications Blog

"700 Miami Businesses Under Added FinCen Orders"



4/29/15: The Financial Crimes Enforcement Network (FinCen), part of the US Treasury, has imposed more stringent requirements on some 700 Miami-area electronics exporters located in Miami, Florida. The action was taken, according to FinCen, to “… shed light on cash transactions that may be tied money laundering schemes. The Miami order was the second Geographic Targeting Order (GTO) to focus on a specific geographic area (a similar order was issued last year for Los Angeles) as “… one of many tools available in the fight against money laundering.” It serves to remind compliance officers that the US Department of Justice and the FCPA are far from the only compliance challenges facing today’s businesses.  

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