Regulatory Alerts2025-03-11
Issuance of a Geographic Targeting Order Imposing Additional Recordkeeping and Reporting Requirements on Certain Money Services Businesses Along the Southwest Border
The Financial Crimes Enforcement Network issued a Geographic Targeting Order requiring money services businesses in specific California and Texas border counties to report and retain records for currency transactions between $200 and $10,000. Covered businesses must file Currency Transaction Reports within 15 days and verify customer identity before concluding transactions to combat illicit finance by drug cartels. The order is effective from April 14, 2025, through September 9, 2025, and mandates record retention for five years following the order's expiration.
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