💵New Reporting Requirements for Money Services Businesses Along Southwest Border
Geographic Targeting Order Imposing Recordkeeping and Reporting Requirements on Certain Money Services Businesses Along the Southwest Border
Summary
FinCEN is issuing this Geographic Targeting Order, requiring certain money services businesses along the southwest border of the United States to report and retain records of transactions in currency of $1,000 or more, but not more than $10,000, and to verify the identity of persons presenting such transactions. This Order follows a previously issued Geographic Targeting Order, which required reporting of transactions in currency of more than $200, but not more than $10,000.
Agencies
- Treasury Department
- Financial Crimes Enforcement Network
Business Impact
$$$ - High
The Geographic Targeting Order imposes new recordkeeping and reporting requirements for money services businesses along the southwest border, needing compliance by September 2025. This impacts businesses by requiring enhanced reporting and identity verification for cash transactions, demanding resources for compliance to avoid penalties.