FINCENFinal RuleJanuary 13, 2026

Geographic Targeting Order Imposing Recordkeeping and Reporting Requirements on Certain Financial Institutions in Minnesota

Finance & BankingOther

Summary

The federal government is requiring certain banks and financial institutions in Minnesota to keep extra records and report information about their customers' financial activities to help detect money laundering and other illegal financial crimes. This rule aims to catch suspicious financial behavior in specific areas where regulators have identified concerns.

Key Points

1Banks and financial companies operating in Minnesota must maintain detailed recordkeeping about customer transactions and account activities
2These institutions must regularly report suspicious or unusual financial activity to federal authorities (FinCEN)
3The rule targets specific geographic areas in Minnesota where regulators believe there is higher risk of money laundering or financial crimes
4Financial institutions that don't comply with these recordkeeping and reporting requirements could face penalties
5The goal is to help law enforcement detect and prevent illegal activities like drug trafficking, terrorism financing, and fraud

Key Dates

Published

January 13, 2026

Read on Federal Register View Docket

This summary is for informational purposes only. It may not capture all nuances of the regulation. Always refer to the official text for authoritative information.