By Godson Umejiego, Bureau Chief, The Americas
Yesterday, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) reissued a Geographic Targeting Order (GTO) to help law enforcement combat illicit activity and associated money laundering by Mexico-based cartels and other criminal actors along the southwest border of the United States, Cyber Era NG learns.
We gather the GTO subjects certain money services businesses (MSBs)—which provide financial services outside of a formal bank—to enhanced reporting requirements with FinCEN. The GTO requires MSBs to file Currency Transaction Reports with FinCEN for cash transactions between US$1,000 and US$10,000 occurring in specific ZIP codes in Bernalillo, Dona Ana, and San Juan counties in New Mexico, and Cameron, El Paso, Hidalgo, Maverick, and Webb counties in Texas.
The terms of this GTO are effective for 180 days after publication on the Federal Register.
