As money services businesses (MSBs) and financial professionals, we’ve seen our fair share of rule changes, but this one’s turning more than a few heads. Starting April 14, 2025, the U.S. Treasury is rolling out a new financial reporting...
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New Financial Reporting Rule Tracks Cash Transactions Over $200
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Subscribe25 MAR 2025 / BUSINESS
The U.S. Treasury is lowering the financial reporting requirement threshold from $10,000 to $200 for non-banking financial institutions in specific ZIP codes along the California-Texas border as part of a Geographic Targeting Order (GTO) which comes into effect April 14, 2025. The drastic change is in response to cartel money flows, according to Treasury Secretary Scott Bessent, but critics argue it will significantly increase financial scrutiny and cause potential disruption for low-income, unbanked households, which are the primary users of these services, sparking concerns that this could be the prelude to a national rollout of these measures.
As money services businesses (MSBs) and financial professionals, we’ve seen our fair share of rule changes, but this one’s turning more than a few heads. Starting April 14, 2025, the U.S. Treasury is rolling out a new financial reporting...
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