FinCEN has issued a Geographic Targeting Order (GTO) that imposes specific recordkeeping and reporting requirements on certain Money Services Businesses (MSBs) operating along the Southwest Border. This action is part of an ongoing effort to combat illicit finance and money laundering, particularly concerning cross-border criminal activities. The order details the types of transactions and information that MSBs must now track and report to FinCEN.

MSBs operating in the designated Southwest Border regions must comply with the new requirements, which include enhanced due diligence and reporting of specific monetary instrument transactions. Failure to comply with the GTO may result in penalties. Regulated entities should review the specific details of the order to understand their obligations and ensure timely adherence to the new recordkeeping and reporting mandates.