FinCEN Reissues Order for MSB Transparency on Southwest Border

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has reissued a Geographic Targeting Order (GTO) to enhance transparency from money services businesses (MSBs) along the southwest border. This action aims to combat illicit activity and associated money laundering perpetrated by Mexico-based cartels and other criminal actors.

The GTO mandates that certain MSBs, which provide financial services outside of formal banks, file Currency Transaction Reports with FinCEN. These reports are required for cash transactions between $1,000 and $10,000 occurring in specific ZIP codes.

Affected areas include Bernalillo, Dona Ana, and San Juan counties in New Mexico, and Cameron, El Paso, Hidalgo, Maverick, and Webb counties in Texas. The terms of this reissued GTO will remain effective for 180 days following its publication on the Federal Register.