FinCEN issues GTO requiring recordkeeping by border MSBs
Money services businesses operating in designated Southwest border counties must retain records and file reports on qualifying cash transactions immediately
FinCEN has issued a Geographic Targeting Order that imposes new recordkeeping and reporting requirements on certain money services businesses (MSBs) operating along the Southwest border.
The order applies to MSBs that conduct covered transactions within the specified geographic area. Affected entities must retain transaction records and submit reports as outlined in the order.
Compliance is required upon issuance of the order. Failure to meet the recordkeeping or reporting obligations may result in enforcement action under the Bank Secrecy Act.
The GTO reflects FinCEN's ongoing effort to strengthen oversight of cash-intensive businesses in high-risk regions.
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