Border Cash Transactions Now Under Stricter Federal Watch
Published Date: 3/10/2026
Rule
Summary
Starting March 7, 2026, certain money services businesses along the U.S. southwest border must keep records and report cash transactions between $1,000 and $10,000. They also have to check the ID of anyone making these transactions. If you’re a business not covered before, you have until April 6, 2026, to get compliant—so get ready to track and report!
Analyzed Economic Effects
5 provisions identified: 1 benefits, 4 costs, 0 mixed.
Civil and Criminal Penalties for Violations
If a Covered Business or any of its officers, directors, employees, or agents violate the Order, they may be liable for civil or criminal penalties. The Order makes compliance the responsibility of the business and its management.
MSBs Must Report $1,000–$10,000 Cash
If you run a money services business in the listed southwest border counties and ZIP codes, you must report each cash deposit, withdrawal, exchange, or transfer of $1,000 or more but not more than $10,000 to FinCEN on a Currency Transaction Report within 30 days. Reports must be e-filed through the BSA E-Filing System and include Field 45 set to "MSB0326GTO." This Order is effective March 7, 2026 and ends September 2, 2026 (entities newly covered have until April 6, 2026 to comply).
ID Checks for $1,000–$10,000 Customers
If you make a cash transaction of $1,000 up to $10,000 at a covered money services business in the listed areas, the business must verify your identity and record specific identifying information (for example, a driver's license number). The business cannot just mark "known customer" on the report.
Five-Year Record Retention Rule
Covered businesses must keep all reports and related records for five years from the last day this Order is effective (including any renewals). Records must be stored so they are accessible and provided to FinCEN or law enforcement upon request in accordance with law.
Narrow Exemptions and Limited Exceptions
The Order does not require reporting for Covered Transactions between a Covered Business and a commercial bank. The U.S. Postal Service is also exempt from the reporting obligation for payments made solely to purchase postage or philatelic products. Businesses need not identify employees of armored car services when recording transactions.
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