WASHINGTON (Valley News Live) — The U.S. Department of the Treasury has renewed an order requiring banks and money transmitters in the Minneapolis-St. Paul area to report additional information on international money transfers, as part of an ongoing effort to combat large-scale fraud schemes that diverted government benefit dollars overseas.
The Financial Crimes Enforcement Network, known as FinCEN, renewed its Geographic Targeting Order Friday. The order requires banks and money transmitters in Hennepin and Ramsey counties to report enhanced information on funds transfers of $3,000 or more sent to beneficiaries, recipients or banks outside the United States. The order is effective for 180 days after publication in the Federal Register.
The GTO targets fraud schemes that investigators say have siphoned state and federal dollars meant for people who lack housing, are food insecure, have disabilities or are otherwise eligible for government benefits — costing Minnesota potentially billions of dollars, a portion of which has been laundered overseas…