South Texas residents: If you plan to send money to relatives abroad or cash your paycheck, don’t be surprised when you’re now asked to give your social security number.
Beginning Monday, the Trump administration will require money exchanges like Casa de Cambio and Western Union along the U.S.-Mexico border to document every cash transaction between $200 and $10,000. That means customers will have to provide their social security number or other identification info. Someone who’s not a U.S. citizen or resident must show a passport, green card or other official document.
The policy change is intended to combat the illicit activities, such as money laundering, of drug cartels and other criminals, according to the announcement from the U.S. Department of Treasury’s Financial Crimes Enforcement Network.
“As part of a whole-of-government approach to combating the threat, Treasury remains focused on leveraging all our available tools and authorities to better identify and counter these criminal activities,” Treasury Secretary Scott Bessent said at the time of the announcement last month.
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