The Financial Crimes Enforcement Network, in an effort to target drug-related money laundering among Miami-area electronics exporters, issued an order now requiring banks to implement additional checks that could make it more difficult for companies to access financial services.
“It puts financial institutions in a difficult position in front of the regulators,” said financial services attorney Gabriel Caballero. “How do you view these customers? Are the procedures you have in place adequate?”
READ: FinCEN Miami Order Sends Banks Scrambling To Comply (subscription required)
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