A trade group for Texas money services businesses (MSBs) has filed a lawsuit to block a new FinCEN reporting rule, called a GTO, that targets cash transactions over $200 in parts of the U.S.–Mexico border region.
In March, FinCEN issued a new Geographic Targeting Order (GTO) aimed at disrupting cartel operations. All money services businesses (MSBs) in 30 zip codes in Texas and California will have to file CTRs (Currency Transaction Reports) for any cash transaction $200 and up. The measure is aimed at disrupting cartel activity near the U.S.-Mexico border.
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