Federal Register #MSB0926GTO

FinCEN Geographic Targeting Order for Money Services Businesses Along the Southwest Border

This opportunity involves a regulatory action by the Financial Crimes Enforcement Network (FinCEN), not a procurement: - Government buyer: - Financial Crimes Enforcement Network (FinCEN), U.S. Department of the Treasury - No OEMs or vendors are involved, as this is not a purchase or contract - Products/services requested: - No products or services are being procured - The order imposes requirements on money services businesses (MSBs) in specific zip codes along the southwest border - Unique or notable requirements: - MSBs must report and retain records of currency transactions between $1,000 and $10,000 - Identity verification of persons involved in transactions is required - Currency Transaction Reports must be filed within 30 days - Records must be retained for five years - Electronic filing through the BSA E-Filing System - Applies to MSBs in designated counties in Texas and New Mexico - Compliance with the Bank Secrecy Act is mandatory - The order aims to combat money laundering and illicit finance by criminal actors along the border

Description

FinCEN is issuing a Geographic Targeting Order requiring certain money services businesses along the southwest border of the United States to report and retain records of currency transactions between $1,000 and $10,000. The order mandates verification of the identity of persons involved in such transactions. It is effective from September 3, 2026, through March 1, 2027, and aims to combat illicit finance by drug cartels and other illicit actors. Covered businesses must file Currency Transaction Reports within 30 days and retain records for five years.

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