Border Cash Transaction Rule Heralds Wider AML Crackdown

On March 11, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued a geographic targeting order requiring all money services businesses, or MSBs, operating within 30 specified ZIP codes near the U.S.-Mexico border to file currency transaction reports, or CTRs, for cash transactions exceeding $200.

Before the order, MSBs were required to file CTRs for cash transactions exceeding $10,000 per day, as mandated by Title 31 of the Code of Federal Regulations, Section 1022.310.

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