Minnesota Banks Must Track and Report Large Cash Transactions Starting February
Published Date: 1/13/2026
Rule
Summary
Starting February 12, 2026, banks and money transmitters in Hennepin and Ramsey Counties, Minnesota, must keep and report records of payments $3,000 or more. This new rule helps stop money crimes by making sure big transactions are tracked. If you’re a financial institution there, get ready to update your record-keeping and reporting—no extra fees, just more paperwork!
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
Banks and Money Transmitters Must Report $3,000+
If you run a bank or money transmitter with a branch, office, or subsidiary in Hennepin County or Ramsey County, Minnesota, you must report payments of $3,000 or more that meet the Order's criteria. The rule takes effect February 12, 2026 and ends August 10, 2026, and requires filings to FinCEN through the Financial Industry (FI) Portal using the Minnesota Fraud GTO submission template.
Detailed Personal Data Must Be Collected
Covered banks and money transmitters must collect and report detailed information about originators/transmittors and beneficiaries or recipients, including names, addresses, dates of birth, phone numbers, email addresses, account numbers, and whether the source of funds includes government contract or benefit program payments. Covered businesses may rely on information provided by the originator or transmittor unless they know it is unreliable, and must report the information by the end of the month following the month the transaction occurred.
Willful Violations Carry Civil or Criminal Penalties
Covered businesses, and any of their officers, directors, employees, and agents, may be liable for civil or criminal penalties for willfully violating any term of this Order. The Order directs that compliance be supervised and that the Order be transmitted to agents and senior managers in the Covered Geographic Area.
Record Retention Requirement: Five Years
Covered businesses must keep all reports filed under this Order and any related compliance records for five years from the last day this Order is effective, including any renewals. The records must be stored so they are accessible within a reasonable period and must be made available to FinCEN or other law enforcement or regulatory agencies on request.
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Key Dates
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