In the last few weeks, the Financial Crimes Enforcement Network (FinCEN) has circulated several instructions focusing on money services businesses operating in the southwest United States, answering the current Administration’s call for increased security measures in that area.
On March 11, FinCEN issued a Geographic Targeting Order (GTO) adding more requirements to certain money services businesses (MSBs) operating along the southwest United States border in Texas and California. Federal law permits the Secretary of the Treasury to issue a GTO if he finds that additional measures are needed to properly comply with the Bank Secrecy Act. A GTO lasts 180 days, unless extended.