NOTE: On February 27, 2026, FinCEN issued an Exemptive Relief Order removing banks as a Covered Business under this GTO until March 13, 2026. FinCEN stated this was to “allow banks sufficient time to report certain information required by the GTO.” FinCEN’s newly issued Geographic Targeting Order (GTO) for Minnesota is a clear […]
FinCEN has issued a new notice warning financial institutions, including money services businesses (MSBs), to be vigilant about suspicious activity involving convertible virtual currency (CVC) kiosks. These kiosks, which function like ATMs for digital assets, are being increasingly exploited for scams and other illicit activities, putting operators and financial partners at risk. CVC Kiosk Concerns […]
The Financial Crimes Enforcement Network (FinCEN) has issued updated guidance on its Geographic Targeting Order (GTO), directly affecting money services businesses (MSBs) along the southwest border. From September 10, 2025, through March 6, 2026, MSBs in designated areas must file Currency Transaction Reports (CTRs) for cash transactions over $1,000 and up to $10,000. The updated […]
A major change is on the horizon for money services businesses (MSBs) and their customers. With the recent passage of the One Big Beautiful Bill Act, the federal government has introduced a 1% remittance excise tax on certain outbound money transfers, commonly referred to as “remittances.” Set to take effect January 1, 2026, this tax […]
The Final Rule Signals Bigger Changes Ahead On August 28, 2024, the Financial Crimes Enforcement Network (FinCEN) issued a final rule that formally integrates countering the financing of terrorism (CFT) into the required anti-money laundering (AML) programs for certain investment advisers. While money services businesses (MSBs) are not directly affected by this rule, the move […]
