FinCEN Renews Minnesota Fraud Geographic Targeting Order for Another 180 Days

FinCEN renewed its Geographic Targeting Order (GTO) targeting government benefits fraud in Minnesota, effective August 11, 2026 through February 6, 2027. The GTO requires banks and money transmitters in Hennepin and Ramsey Counties to report enhanced information on covered funds transfers of $3,000 or more sent to beneficiaries, recipients, or financial institutions located outside the United States. Treasury cited extensive schemes diverting state and federal benefits intended for people who are unhoused, food insecure, disabled, or otherwise eligible for government assistance, with a portion of proceeds laundered overseas, potentially costing Minnesota billions of dollars.