Regulatory Alerts2026-01-13
Added · Updated
Geographic Targeting Order Imposing Recordkeeping and Reporting Requirements on Certain Financial Institutions in Minnesota
The Financial Crimes Enforcement Network issued a Geographic Targeting Order requiring banks and money transmitters in Hennepin and Ramsey Counties, Minnesota, to retain and report records for certain transactions of $3,000 or more. This measure aims to combat international money laundering of government benefits fraud proceeds by mandating the collection of specific originator and beneficiary data for cross-border transfers. The order is effective from February 12, 2026, through August 10, 2026, and requires covered businesses to file reports via the FinCEN FI Portal and retain records for five years.