On January 9, 2026, Secretary of the Treasury Scott Bessent announced several initiatives to combat rampant government benefits fraud in Minnesota, which has wasted billions of taxpayer dollars. The initiatives aim to protect Minnesota taxpayers and safeguard the financial system.
Secretary Bessent announced several actions taken by FinCEN, including:
Issuance of a Geographic Targeting Order requiring all banks and money transmitters located in Hennepin County and Ramsey County, Minnesota, to file reports with FinCEN of certain international funds transfers of $3,000 or more. .
Issuance of an Alert to urge financial institutions to identify and report fraud associated with Federal child nutrition programs.
Issuance of four notices of investigation to money services businesses located in Minnesota, requesting information from these businesses for examination and investigative purposes under the Bank Secrecy Act.
FinCEN provided on-the-ground training for Minnesota-based Federal, state, and local law enforcement on how to utilize financial data, such as Suspicious Activity Reports, to better combat fraud schemes.
FinCEN also issued a set of FAQs on the Minnesota Fraud Geographic Targeting Order.
Read the Treasury’s press release here.