Trying to stop money laundry of Mexican Drug Gangs
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The Department of the Treasury’s Financial Crimes Enforcement Network recently enacted a Geographic Targeting Order aimed at stopping money laundering by Mexican drug cartels. The new order requires money service businesses located in 30 Zip codes in California and Texas across seven counties along the Mexican border to report and retain records of all transactions of more than $200 as well as verify the identity of the people doing such transactions. The new regulation goes into effect on April 14 and remains in force until Sept. 9, 2025 although it may well be extended.
https://www.fincen.gov/news/news-releases/fincen-issues-southwest-border-geographic-targeting-order
