Florida's proximity to Latin America, its concentration of international capital, and its cash-intensive economy make it one of the most scrutinized states in the country from an AML perspective. Here's what operating a financial business in Florida means for your compliance obligations in 2026.
Florida businesses subject to the BSA face the same core federal obligations as businesses anywhere in the country: a written AML program with five elements, currency transaction reporting, suspicious activity reporting, and customer due diligence. But FinCEN's geographic targeting of Miami-Dade County for real estate transactions, combined with South Florida's outsized concentration of international capital and cross-border transactions, creates an examination environment that is meaningfully more intense than most other U.S. markets.
FinCEN's Geographic Targeting Orders for Miami-Dade cover all-cash purchases of residential real estate over $300,000, requiring detailed disclosure of beneficial ownership and thorough recordkeeping for covered transactions. For title companies, real estate attorneys, and others involved in GTOs, this obligation layers on top of standard BSA requirements — it doesn't replace them. Florida real estate professionals who aren't current on the GTO requirements are operating with meaningful compliance exposure.
At the state level, Florida's Office of Financial Regulation oversees money services businesses and conducts its own examinations of licensed MSBs. The OFR coordinates closely with federal examiners and has the authority to revoke licenses, impose fines, and refer matters for criminal prosecution. MSBs in Florida must maintain programs that satisfy both federal and state standards simultaneously — the OFR's expectations in several areas exceed the federal minimum.
Non-bank mortgage lenders regulated by the OFR face an examination environment that has intensified significantly since 2023, driven by increased coordination between state and federal examiners and a heightened focus on South Florida's role in cross-border capital flows. Our experience reviewing Florida mortgage company compliance programs suggests that a substantial majority are operating with programs that have not been updated to reflect current examination standards.
If you operate a financial business in Florida and haven't conducted a formal AML program review in the past 18 months, 2026 is the time to change that. The examination environment is more active than it's been in years, and the gap between compliant and non-compliant programs is measured in real enforcement consequences. Soflo Consulting offers program reviews for Florida businesses across all regulated industries.
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Sofia Delgado
Compliance Program Specialist Soflo Consulting
Specializes in BSA/AML program development and compliance training for regulated businesses nationwide from community banks and fintech startups to real estate professionals and money services businesses.
Key Takeaways
- 1Florida's geography and economy create an examination environment more intense than most U.S. markets
- 2Miami-Dade GTOs add real estate-specific obligations beyond standard federal BSA requirements
- 3Florida MSBs face examination from both FinCEN/IRS and the state Office of Financial Regulation
- 4Non-bank mortgage lenders in Florida face an intensified examination environment since 2023
- 5Most Florida financial businesses are operating with outdated programs that need current review
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