The Financial Crimes Enforcement Network today issued a geographic targeting order requiring all money services businesses located in 30 ZIP codes in California and Texas near the southwest border to file currency transaction reports for currency transactions that exceed $200. This GTO does not alter banks’ currency transaction reporting requirements.
The order seeks to combat illicit activities and money laundering of Mexico-based cartels and other criminal actors along the border, FinCEN said. The order is effective beginning 30 days after publication in the Federal Register and will remain in effect for 179 days after that date.