FinCEN extends targeted reporting requirements in Minnesota, requiring FIs to report certain international transfers of $3,000+ to help trace and disrupt proceeds linked to govt-benefit fraud

The Geographic Targeting Order requires banks and money transmitters in two Minnesota counties to report certain international funds transfers of $3,000 or more. The renewed measure, which took effect on 11 August for a further 180 days, is intended to help authorities trace proceeds linked to suspected large-scale diversion of state and federal benefit payments…