The Fifth Circuit appeared inclined to continue blocking stricter reporting requirements for money services businesses along the southern border during oral arguments Monday.
The Financial Crimes Enforcement Network’s March 11 geographic targeting order lowered the mandatory transaction reporting threshold from $10,000 to $200 for money services businesses located in 30 zip codes across California and Texas.
Judge Jennifer Walker Elrod, an appointee of former President George W. Bush, suggested the agency’s order was “random” in terms of its geographic targeting. “There are zip codes five minutes away that are not picked,” she said.
Counsel for the government, Simon Jerome, acknowledged ...