This week, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), in collaboration with the Texas Department of Banking, held two informational webinars regarding the U.S. Southwest Border Geographic Targeting Order (GTO). Participants included money services businesses (MSBs), related trade groups, state regulators, and law enforcement agencies. These webinars were part of the FinCEN Exchange program, which aims to facilitate dialogue between the public and private sectors to address issues such as drug trafficking through the southwest border, the requirements of the GTO, and the filing instructions for Currency Transaction Reports (CTR).
"Pursuing the total elimination of cartel activity in the United States and halting the flow of deadly drugs into the country are top priorities for this Administration," said FinCEN Director Andrea Gacki. "We are grateful for the partnership and collaboration with the Texas Department of Banking in promoting compliance with this GTO through these FinCEN Exchange events."
The GTO highlights the threat posed by Mexico-based cartels, drug traffickers, and other criminal actors operating along the southwest border to the U.S. financial system. In response, the GTO mandates all MSBs located in 30 ZIP codes across California and Texas to submit CTRs for cash transactions between $200 and $10,000 to FinCEN. FinCEN encourages financial institutions to review the GTO and its related frequently asked questions, which are also available in Spanish.
The FinCEN Exchange program, authorized by statute, is a voluntary public-private partnership that connects stakeholders including law enforcement agencies and financial institutions. It seeks to protect national security and citizens by combatting money laundering and related crimes like terrorism. The program, which began in 2017, was codified under the Anti-Money Laundering Act of 2020.
