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FinCEN Renews, Broadens GTOs on Border Cash Shipments in CA and TX
Tuesday, August 11, 2015 6:45 AM

The Treasury’s Financial Crimes Enforcement Network (FinCEN) on Friday renewed a Geographic Targeting Order (GTO) currently in place for armored cars and other common carriers of currency at two border crossings in Southern California and issued a new, similar, GTO applicable to carriers crossing the border at eight major ports of entry in Texas.

The GTOs’ reporting and recordkeeping requirements are designed to enhance the transparency of cross-border money movements and prevent the attempted exploitation of reporting exemptions by some carriers suspected of moving dirty cash for Mexican drug trafficking organizations.

The GTOs will require 100 percent Currency or Monetary Instruments (CMIR) reporting and recordkeeping by common carriers of currency at these border crossings because they eliminate the reporting exemption for these carriers that might otherwise apply to transporting currency from a foreign person to a bank.

FinCEN issued the GTOs in close coordination with U.S. Immigration and Customs Enforcement’s Homeland Security Investigations and U.S. Customs and Border Protection. Common carriers of currency subject to the new GTO at ports of entry in Texas must comply with the enhanced reporting requirements from Sept. 17, 2015, through March 15, 2016.

For more information about this order, please visit the FinCEN website.