Treasury Department Takes Action on MSB Compliance: Geographic Targeting Order Issued

The U.S. Treasury Department has issued a Geographic Targeting Order for the Minneapolis–St. Paul region following reports of funds transferred to overseas accounts. The Financial Crimes Enforcement Network (FinCEN) is now implementing enhanced monitoring protocols for Money Service Businesses operating in this area.

This enforcement action signals increased scrutiny on cross-border transaction flows and AML/CFT compliance requirements for MSBs. Financial service providers handling remittances and cryptocurrency transactions should review their due diligence procedures and reporting obligations to ensure full alignment with FinCEN directives.

The order underscores regulators' commitment to strengthening monitoring frameworks and reducing vulnerability to illicit financial activity.