Feds Tighten Reporting Rules for L.A. Fashion District After Money-laundering Bust

Federal officials announced new reporting rules for L.A.'s Fashion District in an attempt to crack down on money-laundering in the area. As of Oct. 9, more than 2,000 businesses in the district will be required to disclose any cash transaction exceeding $3,000. The order, announced by the U.S. Department of the Treasury's Financial Crimes Enforcment Network (FinCEN), will remain in effect for 180 days.