The Financial Crimes Enforcement Network (FinCEN), part of the U.S. Treasury Department, has issued a Geographic Targeting Order for certain money services businesses along the southwest border of the U.S. These businesses must report currency transactions of more than $200 but not more than $10,000 and verify the identity of those making these transactions. The order, effective from April 14, 2025, to September 9, 2025, covers specific areas in California and Texas and aims to combat illegal financial activities by drug cartels. Failure to comply with this order could result in civil or criminal penalties.
Simple Explanation
The U.S. government wants certain places that help people send money near the southwest border to pay extra attention to any money amounts between $200 and $10,000 to catch bad guys using money for illegal stuff. These places have to check who is sending the money and keep records of these transactions to make sure everything is safe and honest.