On March 16, 2026, the White House issued a new executive order establishing the Task Force to Eliminate Fraud (Task Force), a government-wide initiative aimed at eliminating fraud across federal programs. While the Task Force is primarily focused on protecting public funds, its ripple effects will be felt well beyond government agencies, especially by Money […]
The Financial Crimes Enforcement Network issued a new Geographic Targeting Order (GTO) on March 7, 2026, that renews and expands U.S. southwest border prior reporting requirements for certain cash transactions conducted through money services businesses (MSBs). This latest order builds on the series of GTO updates we’ve covered previously and reflects the government’s ongoing effort […]
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 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 […]
