FINCENFinal RuleMarch 14, 2025

Issuance of a Geographic Targeting Order: Imposing Additional Recordkeeping and Reporting Requirements on Certain Money Services Businesses Along the Southwest Border

Finance & BankingOther

Summary

This regulation requires money transfer businesses operating near the U.S.-Mexico border to keep detailed records of customer transactions and report suspicious activity to federal authorities. The rule aims to combat money laundering and illegal financial activity by making it harder for criminals to move money across the border without detection.

Key Points

1Money services businesses (like wire transfer companies and check cashers) operating in Southwest Border areas must record more customer information and transaction details than previously required
2These businesses must report transactions they suspect are related to illegal activity to the Financial Crimes Enforcement Network (FinCEN)
3The regulation applies specifically to geographic areas along the U.S.-Mexico border where financial crime is a concern
4Affected businesses that don't comply with recordkeeping and reporting requirements could face penalties
5The goal is to help law enforcement agencies track and prevent illegal money transfers used for drug trafficking, human smuggling, and other crimes

Key Dates

Published

March 14, 2025

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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.