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31 CFR 1022.380
Juan C. Villa, CAMS, addresses one important topic for foreign
MSBs who have clients in the United States.
This new regulation can have a profound impact on the way
foreign companies conduct business with their clients in the U.S.A.
This article presents a quick summary of some of the relevant
aspects of 1022.380, and it also brings to the table a number of
issues which have not been clarified by the government.
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Regulation in Bits and Pieces
A critical opinion from the perspective of an industry that sees
continuous changes in regulation which makes federal agencies
struggle implementing changes. While this also occurs at state
level, the massive effect it has over tens of thousands of MSBs
makes this point an essential one: regulators try to match what
lawmakers impose, often with a significant delay and with enough
confusion and lack of answers that seem to overshadow the
Check Cashing Business in Florida
From the simple notion of cashing checks, to the complex reality of
running a check cashing business there is a quantum leap, filled
with obstacles and traps that can turn a profitable business idea
into an unforeseen expense and plenty of paperwork.
On this article we explore, a grosso modo, the essential elements
of a check cashing business in Florida. This quick view provides
an idea of what to expect, at the very least, from becoming a
check casher on the highly regulated State of Florida.
2015 FinCEN's Miami GTO
Juan C. Villa, AML/CA, CAMS, shares his opinion regarding
FinCEN's Geographic Target Order issued on April 2015. The
order aims at enhanced notification requirements for 700
businesses in the Doral/MIA/Downtown area who are in the
electronics export business.