FinCEN Imposes GTO on Twin Cities, IRS Investigates Local Financial Institutions

In a controversial use of federal administrative power, U.S. officials imposed a geographic targeting order Friday on banks and money services businesses in and around Minneapolis to tackle what they described as "rampant fraud" within the local Somali community.

Pursuant to the GTO, which the Financial Crimes Enforcement Network disclosed simultaneously with the issuance of "four notices of investigation" into local MSBs that "provide services outside the formal banking system," financial services companies in the affected areas must submit reports on "certain transactions" exceeding $3,000 to the bureau.

FinCEN also warned financial institutions to identify and flag suspected attempts to defraud federal child nutrition programs in Minnesota, according to the Treasury Department, which also announced Friday that IRS civil enforcement is auditing "financial institutions that facilitated the laundering of Minnesota funds."

• Topics: Anti-Money Laundering and Countering the Finance of Terrorism, Fraud
• Source: U.S.: Department of Treasury
• Document Date: January 9, 2026