The Financial Crimes Enforcement Network today renewed a geographic targeting order requiring certain banks and money transmitters located in Minnesota’s Hennepin and Ramsey counties, which include Minneapolis and St. Paul, to report additional information for transactions of $3,000 or more to recipients outside the U.S.
FinCEN first issued the GTO in January as part of a series of measures to mitigate alleged fraud associated with federal child nutrition programs in Minnesota. FinCEN later issued an order exempting a subset of banks from the GTO’s requirement to record or report funds transfers where the originator falls into certain categories. The exemption has been incorporated into the renewed GTO.
