What a FinCEN dragnet means for 700 Miami businesses

Regulators announced Wednesday that a geographic targeting order was going to be put in place April 28, impacting almost 700 Miami businesses in the electronics exporting industry. The Financial Crimes Enforcement Network order will require the targeted businesses in ZIP codes in Doral, Miami Gardens, Sweetwater, Medley, West Miami and Virginia Springs to submit a Form 8300 for all cash transactions over $3,000. Typically, that form is required for cash transactions over $10,000. The order will…