The Trump administration is tightening financial rules at the U.S.-Mexico border in a bid to disrupt cartel money laundering, imposing new cash transaction reporting requirements on businesses operating in key border areas.
Under a Geographic Targeting Order (GTO) issued by the Treasury Department on March 11, businesses such as currency exchanges, check-cashing services, and money transfer providers in 30 ZIP codes across California and Texas must report all cash transactions over $200 to the Financial Crimes Enforcement Network (FinCEN).
The order, which takes effect 30 days after its publication in the Federal Register and remains in place for 179 days unless renewed, is part of a broader crackdown on cartel finances and drug trafficking networks….