Overview
- FinCEN issued a geographic targeting order for Hennepin and Ramsey counties requiring banks and money transmitters to collect and report additional details on foreign transfers of $3,000 or more.
- Treasury Secretary Scott Bessent said some money services businesses are under FinCEN investigation and that the IRS will audit certain banks for alleged money laundering tied to social-program funds.
- Bessent said legitimate remittances should continue without disruption if senders can document lawful sources of funds.
- Treasury will pay cash rewards to whistleblowers who provide actionable information about the fraud schemes.
- A federal judge temporarily blocked the administration from freezing roughly $10 billion in federal funding to five Democratic-led states, according to Fox News.