US EditionNew regulations aim to combat money laundering, but a San Diego woman says they will put her out of work.
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3 Articles
A new Trump administration rule aims to combat money laundering. A California woman says it will put her out of business
By Alex Riggins, The San Diego Union-Tribune A San Diego small business owner sued the Trump administration on Tuesday over a new financial reporting requirement, arguing that an order the government says will help crack down on money laundering by Mexican cartels instead violates the Fourth Amendment and will financially ruin money services businesses like hers. Money services businesses, which provide check cashing, money transmitting, foreign…
On Tuesday, a San Diego small business owner sued the Trump administration over a new financial reporting requirement, arguing that an order the government claims will help combat money laundering by Mexican cartels violates the Fourth Amendment and will financially ruin financial services companies like hers. Financial services companies, which offer check cashing, money transfers, currency exchange, and other similar services, are already requ…
The regulation requires financial services companies that offer change of cheques, bank transfers, money orders and other services to submit reports on monetary transactions above $200. SAN DIEGO – The order of the Financial Crimes Suppression Network of the U.S. Treasury Department, known as FinCEN, came into effect last Monday. It is a geographic order aimed at combating money laundering and cartel activity along the U.S.-Mexico border.
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