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On March 11, the Department of Treasury issued a Geographic Targeting Order (GTO) that mandates certain money service businesses (MSBs) located along the southwest border of the U.S. and Mexico to increase their reporting on cash transactions. MSBs are businesses that aren’t financial institutions but still offer certain cash services, such as money transfers, check cashing, or issuing money orders. Treasury’s mandate, which came into effect April 14, is an effort to collect information and curb the flow of funds connected to fentanyl trafficking between the U.S. and Mexico.
