Minnesota: Treasury Secretary Bessent increases scrutiny of remittances

Treasury Secretary Scott Bessent said the department is investigating four Minnesota money-transfer businesses and announced enhanced reporting and FinCEN inquiries for transfers from Hennepin and Ramsey counties.

The Treasury Department announced stepped-up scrutiny of certain financial transactions between Minnesota residents and Somalia during Secretary Scott Bessent’s visit to the state. Bessent said the agency has opened investigations into four businesses used for wiring money abroad and has met with financial institutions to discuss fraud prevention. The department described actions including Financial Crimes Enforcement Network inquiries, enhanced reporting for international transfers from Hennepin and Ramsey counties, and alerts to banks about fraud tied to child nutrition programs. The visit and announcements come as local protests have followed a recent fatal shooting and as the administration has intensified immigration enforcement efforts affecting the Somali community. Key developments: - Treasury officials said investigations have been opened into four Minnesota-based money transfer businesses used to send remittances; the businesses were not named. - Announced measures include FinCEN investigations, enhanced transaction reporting requirements for international transfers from Hennepin and Ramsey counties, and alerts to financial institutions about potential fraud connected to child nutrition programs. - Bessent said he met with multiple financial institutions and that Treasury will deploy tools to recover funds and pursue fraud; the actions coincided with local protests and broader immigration enforcement activity in the state. Summary: Treasury investigations and enhanced reporting are intended to increase oversight of certain remittances from parts of Minnesota, and officials say enforcement actions are underway. Undetermined at this time.