FinCEN Eyes Southwest Border Cash Deals Closely
Published Date: 3/14/2025
Rule
Summary
FinCEN is making some money services businesses along the U.S. southwest border keep better records and report cash transactions between $200 and $10,000. These businesses also have to check who’s making these transactions. This helps catch sneaky money moves and keeps things safe, starting right away!
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
MSBs Must Record Cash Transactions
Certain money services businesses (MSBs) along the U.S. southwest border must report and keep records of cash transactions of more than $200 but not more than $10,000. These MSBs also must verify the identity of the people making those transactions. This requirement applies to MSBs operating along the southwest border and takes effect starting right away.
Customers Face ID Checks and Reporting
If you do business with certain money services businesses along the U.S. southwest border and make a cash transaction of more than $200 but not more than $10,000, the business must verify your identity and report and retain records of the transaction. This requirement covers transactions in currency between $200 and $10,000 and begins starting right away.
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Key Dates
Department and Agencies
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