Renews Order Requiring Enhanced Reporting When Money is Transferred Outside of the United States
WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) renewed its Geographic Targeting Order (GTO) designed to combat fraud in Minnesota and protect U.S. taxpayers. Extensive schemes have fraudulently diverted state and Federal dollars meant for people who lack housing, are food insecure, have disabilities, or are otherwise eligible to receive government benefits, costing the state of Minnesota potentially billions of dollars, a portion of which has been laundered overseas. The renewed GTO will continue to help law enforcement identify when the proceeds of fraud are sent abroad and act quickly to hold fraudsters accountable and recover taxpayer dollars.
“Treasury promised to follow the money, and that is exactly what we are doing,” said Secretary of the Treasury Scott Bessent. “We will continue to give law enforcement critical tools to trace criminal networks that siphon taxpayer dollars and move them overseas. The Trump Administration will not allow criminals to profit from programs intended to help vulnerable Americans.”
The GTO requires banks and money transmitters located in Hennepin and Ramsey Counties in Minnesota to report additional information about funds transfers of $3,000 or more to beneficiaries, recipients, or banks outside of the United States. The terms of this GTO are effective for 180 days after publication on the Federal Register.
On February 27, 2026, FinCEN issued an order exempting a subset of banks from the GTO’s requirement to record or report funds transfers where the originator falls into certain categories. This exemption has been incorporated into the renewed GTO. The reporting requirements in this GTO are otherwise unchanged from those in the February 2026 GTO.
Questions about the GTO should be directed to www.fincen.gov/contact.
Resources
- Renewed Minnesota Fraud Geographic Targeting Order
- Frequently Asked Questions
- Minnesota Fraud Geographic Targeting Order Submission Template
- Minnesota Fraud Geographic Targeting Order Template Dictionary
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Whistleblower Program
FinCEN maintains a whistleblower incentive program for violations of the Bank Secrecy Act and certain sanctions and national security laws. Individuals who provide actionable information may be eligible for awards if their tip leads to a successful enforcement action. FinCEN encourages individuals with relevant information to submit whistleblower tips and learn more about Treasury’s whistleblower programs here.
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