Feds Order MN Banks to Snitch on $3K+ Cash Moves
Published Date: 8/11/2026
Rule
Summary
FinCEN is issuing this Geographic Targeting Order, requiring banks and money transmitters located in the Counties of Hennepin and Ramsey, Minnesota to retain and report records of certain payments of $3,000 or more.
Analyzed Economic Effects
5 provisions identified: 0 benefits, 5 costs, 0 mixed.
Banks/Money Transmitters Must Report $3,000+
If you operate a bank or money-transmitter branch in Hennepin County or Ramsey County, Minnesota, you must retain and report records of certain payments of $3,000 or more. This Order is effective August 11, 2026 and runs through February 6, 2027.
Which Transfers Are Covered
The Order covers funds transfers where the originator/transmittor gives an address in Hennepin or Ramsey County, the originator/transmittor is not publicly traded and not a financial institution subject to BSA anti-money-laundering program rules, and the beneficiary or the beneficiary's bank is located outside the United States. These criteria define which transactions must be reported.
Specific Data Fields Required
Covered banks and money transmitters must report specified data about covered transactions, including originator/account numbers, beneficiary/recipient name, address, date of birth, phone, email, account numbers, and whether funds include federal, state, or local government contract or benefit payments. Money transmitters must also report source type (currency, check, card, other), form of transmittal (wire, convertible virtual currency, ledger entry, other), and certain hawala/ledger settlement details.
How and When to File Reports
Covered Businesses must file reports to FinCEN through the Financial Industry (FI) Portal using Login.gov access, select "Special Measures" and enter file code FIN-65547-X3M6T, submit CSV files that follow the Minnesota Fraud GTO template, and submit reports by the end of the month following the month in which the covered transaction took place.
Record Retention and Noncompliance Risk
Covered Businesses must retain all reports and related compliance records for five years from the last day the Order is effective and store them to be accessible on request by FinCEN or law enforcement. The Order states that willful violations may result in civil or criminal penalties without limitation.
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Key Dates
Department and Agencies
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