14 Mar 2025
💵Geographic Targeting Order for Money Services Businesses in the U.S.
Issuance of a Geographic Targeting Order Imposing Additional Recordkeeping and Reporting Requirements on Certain Money Services Businesses Along the Southwest Border
Summary
FinCEN is issuing notice of a 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 more than $200 but not more than $10,000, and to verify the identity of persons presenting such transactions.
Agencies
- Treasury Department
- Financial Crimes Enforcement Network
Business Impact
$$$ - High
The Geographic Targeting Order imposes additional recordkeeping and reporting requirements on money services businesses along the U.S.-Mexico border. This means impacted businesses must implement new compliance protocols, affecting operational processes and operational costs. Noncompliance could lead to potential civil or criminal penalties, making adherence critical.