Treasury’s financial crimes enforcement arm on Tuesday issued a geographic targeting order (GTO) that ramps up currency transaction report (CTR) filing requirements, setting a $200 threshold, for money services businesses (MSBs) along portions of the southwest border.
The order applies to all MSBs located within 30 ZIP codes in California and Texas near the border, according to a release Tuesday by the Financial Crimes Enforcement Network (FinCEN). It said the aim is “to further combat the illicit activities and money laundering of Mexico-based cartels and other criminal actors along the southwest border of the United States.”
It said the terms of the GTO are effective beginning 30 days after the date the order is published in the Federal Register and continuing for 179 days after. The 30 ZIP codes targeted are across seven counties in California and Texas:
- Imperial County, California: 92231, 92249, 92281, 92283
- San Diego County, California: 91910, 92101, 92113, 92117, 92126, 92154, 92173
- Cameron County, Texas: 78520, 78521
- El Paso County, Texas: 79901, 79902, 79903, 79905, 79907, 79935
- Hidalgo County, Texas: 78503, 78557, 78572, 78577, 78596
- Maverick County, Texas: 78852
- Webb County, Texas: 78040, 78041, 78043, 78045, 78046
The order references a January executive order by President Donald Trump (R) creating a process for designating certain cartels and other organizations as Foreign Terrorist Organizations (FTOs) and/or Specially Designated Global Terrorists (SDGTs). FinCEN, in Tuesday’s release, said the Treasury and State Departments in February designated eight organizations, including six major Mexico-based drug cartels, as FTOs and SDGTs. “These designations will allow the United States to take further steps to deny individuals and entities associated with these groups access to the U.S. financial system,” it said.