Opportunity
Federal Register #2026-16365
FinCEN Geographic Targeting Order for Financial Institutions in Hennepin and Ramsey Counties, MN
Posted
August 11, 2026
Identifier
2026-16365
This opportunity involves a Geographic Targeting Order (GTO) issued by the Financial Crimes Enforcement Network (FinCEN), part of the U.S. Department of the Treasury. - Government Buyer: - Financial Crimes Enforcement Network (FinCEN), U.S. Department of the Treasury - Scope: - Applies to banks and money transmitters with branches, subsidiaries, or offices in Hennepin and Ramsey Counties, Minnesota - Requires recordkeeping and reporting of certain payments of $3,000 or more - Transactions covered include those where the originator or transmittor provides an address in the specified counties - Reporting Requirements: - Detailed transaction information must be reported, including beneficiary and recipient details, source of funds, and government benefit involvement - Reports are submitted through the FinCEN Financial Industry Portal - Records must be retained for five years after the order's expiration - Exclusions: - Publicly traded companies and other financial institutions already subject to anti-money laundering requirements are excluded - Purpose: - The order aims to combat financial crimes, particularly government benefits fraud - No OEMs or vendors are involved, as this is a regulatory compliance order, not a procurement for goods or services.
Description
FinCEN is issuing a Geographic Targeting Order requiring banks and money transmitters located in Hennepin and Ramsey Counties, Minnesota, to retain and report records of certain payments of $3,000 or more. The order targets transactions involving originators or transmittors with addresses in the covered geographic area, excluding publicly traded companies and financial institutions subject to anti-money laundering requirements. Covered businesses must report detailed transaction information to FinCEN through the Financial Industry Portal. The order is effective from August 11, 2026, to February 6, 2027, and requires retention of records for five years.