WASHINGTON—This week, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), in collaboration with the Texas Department of Banking, held two informational webinars regarding the U.S. Southwest Border Geographic Targeting Order (GTO) with money services businesses (MSBs) and related trade groups, state regulators, and law enforcement agencies. These webinars, held as part of the FinCEN Exchange program, brought together public and private sector representatives to answer questions and discuss topics such as drug trafficking through the southwest border, the GTO’s requirements, and Currency Transaction Report (CTR) filing instructions.
“Pursuing the total elimination of cartel activity in the United States and halting the flow of deadly drugs into the country are top priorities for this Administration,” said FinCEN Director Andrea Gacki. “We are grateful for the partnership and collaboration with the Texas Department of Banking in promoting compliance with this GTO through these FinCEN Exchange events.”
The GTO underscores the risk that Mexico-based cartels, drug traffickers, and other criminal actors along the southwest border present to the U.S. financial system. The GTO aims to combat the illicit activities and money laundering that sustain these groups by requiring all MSBs located in 30 ZIP codes across California and Texas to file CTRs with FinCEN on cash transactions between $200 and $10,000. FinCEN encourages financial institutions to review the GTO and related frequently asked questions. Spanish translations of the order and frequently asked questions are also available.
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The FinCEN Exchange program is a statutorily authorized voluntary public-private partnership that convenes relevant stakeholders, including law enforcement agencies and financial institutions. The program aims to protect our national security and our citizens from harm by combatting money laundering and its related crimes, including terrorism, through public-private dialogue that encourages, enables, and acknowledges industry focus on high-value and high-impact activities. The program began in 2017 and was codified as part of the Anti-Money Laundering Act of 2020.
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