The Treasury Department says it will target businesses like check cashing companies and currency exchangers that it suspects of money laundering along the Southwest border.
The operation from the Treasury Department’s Financial Crimes Enforcement Network targets more than 100 money services businesses, which are companies that provide financial services but aren’t formal banks.
The Treasury Department is investigating those it suspects of not complying with regulations against illicit finance. Secretary Scott Bessent says the operation will “root out potential cartel-related money laundering from the U.S. financial system.”
The Department has issued six investigation notices to companies so far in the operation. Money services businesses include currency exchangers and wire transfer companies, like Western Union. They also include businesses like check cashing shops that provide immediate access to funds
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