FinCEN requires Minnesota banks to report certain payments of $3,000 or more
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The Financial Crimes Enforcement Network (FinCEN) has issued a Geographic Targeting Order for specific counties in Minnesota. This order requires financial institutions within these areas to keep detailed records and report certain transactions to the government.
Why it matters: This is a targeted regulatory requirement aimed at tracking large cash-equivalent movements in two specific Minnesota counties. It increases the paperwork and reporting obligations for financial institutions operating in those areas.
Who it affects
- Banks located in Hennepin County, Minnesota
This action was issued by the Treasury Department’s Financial Crimes Enforcement Network; readers should consult the Federal Register for full technical details.
Agency: Treasury Department, Financial Crimes Enforcement Network
Source: Federal Register — read the official document