The Financial Crimes Enforcement Network today issued a new geographic targeting order covering the Southwest U.S. border, which comes after the original order was challenged in federal court.
In March, FinCEN issued a GTO requiring all money services businesses located in 30 ZIP codes in California and Texas to file currency transaction reports for currency transactions that exceed $200. A federal court later issued a temporary restraining order against the GTO, although the original order expires on Tuesday, Sept. 9. The new GTO requires certain money services businesses in those same areas to file currency transaction reports with FinCEN for cash transactions between $1,000 and $10,000, and will be in effect from Wednesday, Sept. 10, to March 6, 2026.
The new GTO provides a 30-day compliance period for money services businesses that were not required to report under the March GTO, which do not need to begin filing reports until Oct. 10, according to FinCEN. For all businesses required to report under the new GTO, the filing deadline is extended for the entire period of the order from the standard 15 days for currency transaction reports to 30 days.
