{ "jurisdiction_id": "US-MN", "jurisdiction": "United States – Minnesota", "url": "https://payments.gi/jurisdictions/united-states-minnesota/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 83, "source_register": 157 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/united-states-minnesota/#w1a-licensing-authorisation-market-access", "standing_position": "Minnesota regulates money transmission under the MTMA (Ch.53B, 2023). This cycle adds: (1) HF3709 bank/credit-union virtual-currency custody framework effective 2026-08-01 (60-day Commerce Commissioner notice, mandatory segregation); (2) statewide virtual-currency kiosk ban effective 2026-08-01 with 2026-12-31 wind-down; (3) Dept. of Commerce virtual-currency customer-disclosure rules (MN Rules 2675.8500/.8510) under §53B.72, effective 2026-01-01.", "findings": [ { "finding": null, "instrument_type": "statute", "source": "https://mn.gov/commerce/licensing/list/financial-institutions/money-transmission/", "source_url": "https://mn.gov/commerce/licensing/list/financial-institutions/money-transmission/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "licensing_requirement", "source": "https://mn.gov/commerce/licensing/list/financial-institutions/money-transmission/", "source_url": "https://moneytransmitterlaw.com/state-laws/minnesota/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "statute", "source": "https://mn.gov/commerce/licensing/list/financial-institutions/money-transmission/", "source_url": "https://mn.gov/commerce/money/industry/money-services-business/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "statute", "source": "https://mn.gov/commerce/money/industry/money-services-business/", "source_url": "https://mn.gov/commerce/money/industry/money-services-business/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "statute", "source": "https://www.revisor.mn.gov/statutes/cite/53B/pdf", "source_url": "https://mn.gov/commerce/money/industry/money-services-business/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "licensing_requirement", "source": "https://moneytransmitterlaw.com/state-laws/minnesota/", "source_url": "https://mn.gov/commerce/money/industry/money-services-business/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "licensing_requirement", "source": "https://www.ridgewayfs.com/money-transmitter-license-requirements-by-state/", "source_url": "https://mn.gov/commerce/money/industry/money-services-business/", "source_tier": "3", "retrieved_at": null } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-minnesota/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Minnesota's conduct regime layers virtual-currency-kiosk-specific consumer safeguards (disclosure, refund and transaction-limit rules under Ch. 53B) onto a general Deceptive Trade Practices Act fee-transparency overlay (2025 surcharge disclosure amendment) and a reformed Consumer Small Loan/Short-Term Loan Act. The Commerce Department's Enforcement Division actively pursues consent orders and joins multi-state settlements against nonbank payments and lending firms, while a 2026 bill would repeal much of the kiosk conduct framework in favor of an outright ban.", "findings": [ { "finding": null, "instrument_type": "statute", "source": "https://www.revisor.mn.gov/statutes/cite/53B.75", "source_url": "https://www.revisor.mn.gov/statutes/cite/53B.75", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "rulemaking", "source": "https://mn.gov/commerce/money/industry/money-services-business/", "source_url": "https://merchantcostconsulting.com/lower-credit-card-processing-fees/minnesota-credit-card-surcharge-laws/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "statute", "source": "https://merchantcostconsulting.com/lower-credit-card-processing-fees/minnesota-credit-card-surcharge-laws/", "source_url": "https://mn.gov/commerce/news/?id=17-671503", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "enforcement_action", "source": "https://mn.gov/commerce/news/?id=17-671503", "source_url": "https://www.house.mn.gov/sessiondaily/SDView.aspx?StoryID=19039", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "enforcement_action", "source": "https://mn.gov/commerce/news/?id=17-671503", "source_url": "https://www.house.mn.gov/sessiondaily/SDView.aspx?StoryID=19039", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "statute", "source": "https://www.revisor.mn.gov/statutes/cite/47.60", "source_url": "https://www.house.mn.gov/sessiondaily/SDView.aspx?StoryID=19039", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "pending_legislation", "source": "https://www.house.mn.gov/sessiondaily/Story/18917", "source_url": "https://www.house.mn.gov/sessiondaily/SDView.aspx?StoryID=19039", "source_tier": "1", "retrieved_at": null } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-minnesota/#w2-stablecoins-digital-money", "standing_position": "Minnesota has no dedicated stablecoin-issuer/reserve statute; digital-asset activity is folded into the money-transmission regime via a Virtual Currency subchapter of Ch. 53B (definitions, business-activity conditions, property-interest treatment, and kiosk-specific rules), with roughly 350 licensed kiosks operated by 8-10 companies. A 2026 bill would repeal the kiosk framework outright rather than expand it, reflecting a state trending toward restriction rather than digital-money product expansion.", "findings": [ { "finding": null, "instrument_type": "statute", "source": "https://law.justia.com/codes/minnesota/chapters-46-59/chapter-53b/", "source_url": "https://law.justia.com/codes/minnesota/chapters-46-59/chapter-53b/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "market_structure", "source": "https://www.house.mn.gov/sessiondaily/Story/18917", "source_url": "https://www.revisor.mn.gov/bills/94/2026/0/SF/3868/versions/2/pdf/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "rulemaking", "source": "https://mn.gov/commerce/money/industry/money-services-business/", "source_url": "https://www.house.mn.gov/sessiondaily/Story/18917", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "pending_legislation", "source": "https://www.revisor.mn.gov/bills/94/2026/0/SF/3868/versions/2/pdf/", "source_url": "https://www.house.mn.gov/sessiondaily/Story/18917", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "regulatory_treatment", "source": "https://www.ridgewayfs.com/money-transmitter-license-requirements-by-state/", "source_url": "https://www.house.mn.gov/sessiondaily/Story/18917", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "enforcement_context", "source": "https://www.thestreet.com/crypto/markets/u-s-state-proposes-ban-on-crypto-atms", "source_url": "https://www.house.mn.gov/sessiondaily/Story/18917", "source_tier": "3", "retrieved_at": null } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-minnesota/#w3-operational-resilience-critical-infrastructure", "standing_position": "Minnesota lacks a payments-sector-specific operational resilience statute akin to DORA; resilience obligations for payments-adjacent entities instead arise from general data-breach notification law, a public-sector cybersecurity incident reporting mandate, and an insurance/financial-licensee cybersecurity event reporting rule enforced by the Commerce Commissioner. The Federal Reserve Bank of Minneapolis additionally exercises safety-and-soundness supervision over state member banks and payment infrastructure participants in the Ninth District.", "findings": [ { "finding": null, "instrument_type": "statute", "source": "https://www.isc2.org/Insights/2024/12/Minnesota-Cybersecurity-Incident-Reporting-Law", "source_url": "https://www.revisor.mn.gov/statutes/cite/325e.61", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "statute", "source": "https://www.revisor.mn.gov/statutes/cite/325e.61", "source_url": "https://www.constangy.com/data-privacy-us-mn", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "statute", "source": "https://www.constangy.com/data-privacy-us-mn", "source_url": "https://www.minneapolisfed.org/banking", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "statute", "source": "https://www.lrl.mn.gov/docs/2025/other/251632.pdf", "source_url": "https://www.minneapolisfed.org/banking", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "supervisory_function", "source": "https://www.minneapolisfed.org/banking", "source_url": "https://www.minneapolisfed.org/banking", "source_tier": "1", "retrieved_at": null } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-minnesota/#w4-scheme-network-compliance", "standing_position": "Minnesota permits card surcharging up to 5% under a 1987-origin statute now overlaid by a 2025 Deceptive Trade Practices Act fee-transparency amendment, while national card-scheme compliance (interchange antitrust settlement, PCI-adjacent data-security expectations) flows through federal/national channels rather than state-specific rulemaking. The Federal Reserve Bank of Minneapolis participates in the centralized national payments infrastructure (Fedwire, FedACH, National Settlement Service, FedNow) that underlies scheme operations in the Ninth District.", "findings": [ { "finding": null, "instrument_type": "statute", "source": "https://www.revisor.mn.gov/statutes/cite/325g.051", "source_url": "https://www.revisor.mn.gov/statutes/cite/325g.051", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "statute", "source": "https://www.getflexpoint.com/credit-card-surcharging-us-states/minnesota", "source_url": "https://www.mcaginc.com/post/visa-mc-interchange-fee-settlement-1", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "litigation_settlement", "source": "https://www.mcaginc.com/post/visa-mc-interchange-fee-settlement-1", "source_url": "https://www.federalreserve.gov/aboutthefed/files/minneapolisfinstmt2023.pdf", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "infrastructure", "source": "https://www.federalreserve.gov/aboutthefed/files/minneapolisfinstmt2023.pdf", "source_url": "https://www.federalreserve.gov/aboutthefed/files/minneapolisfinstmt2023.pdf", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "statute", "source": "https://www.lrl.mn.gov/docs/2025/other/251632.pdf", "source_url": "https://www.federalreserve.gov/aboutthefed/files/minneapolisfinstmt2023.pdf", "source_tier": "2", "retrieved_at": null } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-minnesota/#w5-payment-corridor-dynamics", "standing_position": "Minnesota's cross-border corridor exposure is defined by its money-transmission statute's broad coverage of transmission \"within the United States or to locations abroad,\" a large Somali diaspora remittance corridor now under heightened federal AML scrutiny, and participation in the national FedNow/RTP instant-payments buildout via Ninth District institutions. A February 2026 FinCEN Geographic Targeting Order specifically targets outbound international transfers from two Minneapolis-St. Paul counties.", "findings": [ { "finding": null, "instrument_type": "regulatory_order", "source": "https://www.federalregister.gov/documents/2026/01/13/2026-00449/geographic-targeting-order-imposing-recordkeeping-and-reporting-requirements-on-certain-financial", "source_url": "https://www.federalregister.gov/documents/2026/01/13/2026-00449/geographic-targeting-order-imposing-recordkeeping-and-reporting-requirements-on-certain-financial", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "infrastructure", "source": "https://en.wikipedia.org/wiki/Federal_Reserve_Bank_of_Minneapolis", "source_url": "https://bankingjournal.aba.com/2025/10/5-fednow-service-developments-you-may-have-missed/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "statute", "source": "https://law.justia.com/codes/minnesota/chapters-46-59/chapter-53b/", "source_url": "https://law.justia.com/codes/minnesota/chapters-46-59/chapter-53b/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "corridor_context", "source": "https://www.forbes.com/sites/kellyphillipserb/2026/01/14/treasury-turns-a-little-known-financial-weapon-on-minnesota-benefits-fraud/", "source_url": "https://law.justia.com/codes/minnesota/chapters-46-59/chapter-53b/", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "infrastructure", "source": "https://bankingjournal.aba.com/2025/10/5-fednow-service-developments-you-may-have-missed/", "source_url": "https://law.justia.com/codes/minnesota/chapters-46-59/chapter-53b/", "source_tier": "2", "retrieved_at": null } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-minnesota/#w6-industry-structure-commercial-dynamics", "standing_position": "Minneapolis-St. Paul hosts a mid-sized but notable fintech/payments cluster (124 active companies, $3.8B cumulative funding, one unicorn) anchored by Dayforce (formerly Ceridian, a major payroll/HCM-payments player recently taken private), Sezzle (a scaled BNPL provider), Solifi, WEX, and U.S. Bancorp, alongside continued Federal Reserve-supervised bank consolidation activity in the Ninth District.", "findings": [ { "finding": null, "instrument_type": "market_structure", "source": "https://tracxn.com/d/explore/fintech-startups-in-minneapolis-united-states/__V5cmtp8GuthgbUJZ4trNVE0CJPyp2a9_UFCfNoVq_yY", "source_url": "https://www.outsail.co/post/dayforce-2026-whats-new-in-ceridians", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "market_structure", "source": "https://en.wikipedia.org/wiki/Dayforce", "source_url": "https://tracxn.com/d/explore/fintech-startups-in-minneapolis-united-states/__V5cmtp8GuthgbUJZ4trNVE0CJPyp2a9_UFCfNoVq_yY", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "market_structure", "source": "https://tracxn.com/d/explore/fintech-startups-in-minneapolis-united-states/__V5cmtp8GuthgbUJZ4trNVE0CJPyp2a9_UFCfNoVq_yY", "source_url": "https://www.minneapolisfed.org/banking/mergers-and-acquisitions", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "supervisory_function", "source": "https://www.minneapolisfed.org/banking/mergers-and-acquisitions", "source_url": "https://www.minneapolisfed.org/banking/mergers-and-acquisitions", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "market_structure", "source": "https://www.bankingdive.com/news/2026-bank-mergers-acquisitions-outlook-faster-approval-regionals-midterm-elections-buyer-pool/809514/", "source_url": "https://www.minneapolisfed.org/banking/mergers-and-acquisitions", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "regulatory_order", "source": "https://www.federalreserve.gov/newsevents/pressreleases/files/orders20260311b1.pdf", "source_url": "https://www.minneapolisfed.org/banking/mergers-and-acquisitions", "source_tier": "1", "retrieved_at": null } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-minnesota/#w7-legal-litigation", "standing_position": "Minnesota's dominant payments-adjacent legal exposure in 2025-2026 is the sprawling federal fraud/money-laundering prosecution of state-run, federally funded social-services programs (Feeding Our Future, Housing Stabilization Services, EIDBI autism benefit), which triggered a FinCEN Geographic Targeting Order and Congressional oversight investigations into SAR usage and Treasury enforcement; separately, Commerce's Enforcement Division continues routine consent-order litigation against unlicensed nonbank lenders and debt collectors.", "findings": [ { "finding": null, "instrument_type": "litigation", "source": "https://www.fox9.com/news/fraud-minnesota-detailing-nearly-1-billion-schemes", "source_url": "https://www.fox9.com/news/fraud-minnesota-detailing-nearly-1-billion-schemes", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "regulatory_order", "source": "https://www.fincen.gov/news/news-releases/secretary-bessent-announces-initiatives-combat-rampant-fraud-minnesota", "source_url": "https://www.fincen.gov/news/news-releases/secretary-bessent-announces-initiatives-combat-rampant-fraud-minnesota", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "congressional_investigation", "source": "https://oversight.house.gov/release/comer-expands-investigation-into-widespread-fraud-uncovered-in-minnesota-government-programs/", "source_url": "https://oversight.house.gov/release/comer-expands-investigation-into-widespread-fraud-uncovered-in-minnesota-government-programs/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "enforcement_action", "source": "https://mn.gov/commerce/news/?id=17-671503", "source_url": "https://oversight.house.gov/release/comer-expands-investigation-into-widespread-fraud-uncovered-in-minnesota-government-programs/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "litigation", "source": "https://www.cnn.com/2026/01/02/us/fraud-minnesota-programs-scandal-trump", "source_url": "https://oversight.house.gov/release/comer-expands-investigation-into-widespread-fraud-uncovered-in-minnesota-government-programs/", "source_tier": "2", "retrieved_at": null } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-minnesota/#w8-merchant-acquiring-risk", "standing_position": "Minnesota has no acquiring-specific state statute; merchant risk management operates through the state's surcharge-disclosure rules layered on top of national card-network mechanics (MATCH/TMF listing, rolling reserves, chargeback thresholds) and federal enforcement precedent on merchant-of-record KYC obligations. A visible specialist high-risk-acquiring segment (cannabis, firearms, crypto, credit repair) serves Minnesota merchants excluded from mainstream processors.", "findings": [ { "finding": null, "instrument_type": "statute", "source": "https://www.revisor.mn.gov/statutes/cite/325g.051", "source_url": "https://merchantoria.com/us/state/minnesota", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "market_structure", "source": "https://merchantoria.com/us/state/minnesota", "source_url": "https://www.allaboutadvertisinglaw.com/2025/06/ftc-targets-merchant-of-record-for-unlawful-payment-processing-tsr-and-rosca-violations.html", "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "network_rule", "source": "https://www.globallegallawfirm.com/processor-reserve-accounts-and-high-risk-merchants/", "source_url": "https://www.allaboutadvertisinglaw.com/2025/06/ftc-targets-merchant-of-record-for-unlawful-payment-processing-tsr-and-rosca-violations.html", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "enforcement_precedent", "source": "https://www.allaboutadvertisinglaw.com/2025/06/ftc-targets-merchant-of-record-for-unlawful-payment-processing-tsr-and-rosca-violations.html", "source_url": "https://www.allaboutadvertisinglaw.com/2025/06/ftc-targets-merchant-of-record-for-unlawful-payment-processing-tsr-and-rosca-violations.html", "source_tier": "1", "retrieved_at": null } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-minnesota/#w9-product-innovation-market-development", "standing_position": "Product development in Minnesota's payments space centers on national instant-payments rail growth (FedNow/RTP) accessible to Ninth District institutions, a homegrown BNPL/embedded-finance scene (Sezzle, Onsetto), and virtual currency kiosks as a distribution channel now facing existential regulatory rollback; a state-funded Launch Minnesota grant program provides modest early-stage fintech support.", "findings": [ { "finding": null, "instrument_type": "infrastructure", "source": "https://bankingjournal.aba.com/2025/10/5-fednow-service-developments-you-may-have-missed/", "source_url": "https://www.fiserv.com/en/insights/articles-and-blogs/instant-payments-adoption-2025-in-the-rearview-mirror.html", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "infrastructure", "source": "https://www.fiserv.com/en/insights/articles-and-blogs/instant-payments-adoption-2025-in-the-rearview-mirror.html", "source_url": "https://angelmatch.io/publication/minnesota-fintech-vc-investors", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "product_launch", "source": "https://www.fintechfutures.com/venture-capital-funding/icymi-fintech-funding-round-up-coinbax-mylapay-pluto-and-more", "source_url": "https://www.house.mn.gov/sessiondaily/Story/18917", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "product_launch", "source": "https://tracxn.com/d/explore/fintech-startups-in-minneapolis-united-states/__V5cmtp8GuthgbUJZ4trNVE0CJPyp2a9_UFCfNoVq_yY", "source_url": "https://www.house.mn.gov/sessiondaily/Story/18917", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "government_program", "source": "https://angelmatch.io/publication/minnesota-fintech-vc-investors", "source_url": "https://www.house.mn.gov/sessiondaily/Story/18917", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "product_regulatory_friction", "source": "https://www.house.mn.gov/sessiondaily/Story/18917", "source_url": "https://www.house.mn.gov/sessiondaily/Story/18917", "source_tier": "1", "retrieved_at": null } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-minnesota/#w10-consumer-protection-app-fraud", "standing_position": "Minnesota's consumer protection regime combines statutory virtual-currency-kiosk fraud safeguards (refund rights, transaction limits) with an active Attorney General consumer-scam-awareness campaign, a dedicated Commerce senior-fraud team producing large account-hold volumes, a new AG-administered Consumer Protection Restitution Account, and reformed payday-lending consumer protections; a 2026 bill would replace kiosk safeguards with an outright ban given persistent elder-fraud losses.", "findings": [ { "finding": null, "instrument_type": "statute", "source": "https://www.revisor.mn.gov/statutes/cite/53B.75", "source_url": "https://www.ag.state.mn.us/Office/Communications/2025/12/19_BitcoinATMs.asp", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "consumer_advisory", "source": "https://www.ag.state.mn.us/Office/Communications/2025/12/19_BitcoinATMs.asp", "source_url": "https://www.house.mn.gov/sessiondaily/Story/18869", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "enforcement_program", "source": "https://mn.gov/commerce/news/?id=17-671503", "source_url": "https://www.house.mn.gov/sessiondaily/Story/18917", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "government_program", "source": "https://www.house.mn.gov/sessiondaily/Story/18869", "source_url": "https://www.house.mn.gov/sessiondaily/Story/18917", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "enforcement_action", "source": "https://mn.gov/commerce/news/?id=17-671503", "source_url": "https://www.house.mn.gov/sessiondaily/Story/18917", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "statute", "source": "https://www.consumerfinancemonitor.com/2023/07/24/minnesota-omnibus-bill-includes-consumer-loan-law-amendments-for-all-in-apr-cap-and-anti-evasion-new-money-transmitter-laws-and-more/", "source_url": "https://www.house.mn.gov/sessiondaily/Story/18917", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "pending_legislation", "source": "https://www.house.mn.gov/sessiondaily/Story/18917", "source_url": "https://www.house.mn.gov/sessiondaily/Story/18917", "source_tier": "1", "retrieved_at": null } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-minnesota/#w11-aml-cft-financial-crime", "standing_position": "Sentinel.gi feed content specific to Minnesota was not retrievable via the available web-research tooling in this collection pass; this baseline substitutes the публично-available federal AML/CFT posture bearing on Minnesota's payments context (FinCEN GTO, MSB BSA registration, Treasury enforcement initiatives) pending direct Sentinel.gi feed integration. Minnesota is currently the subject of an active FinCEN Geographic Targeting Order and multiple BSA-examination notices tied to a large state benefits-fraud/money-laundering investigation.", "findings": [ { "finding": null, "instrument_type": "regulatory_action", "source": "sentinel.treasury_initiative://forbes.com/sites/kellyphillipserb/2026/01/14/treasury-turns-a-little-known-financial-weapon-on-minnesota-benefits-fraud/", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Minnesota operates under the federal Bank Secrecy Act/FinCEN architecture; the state licenses money transmitters and, since August 2024, regulates crypto kiosks via the Dept. of Commerce. No independent state AML/CFT statute or beneficial-ownership registry exists. Federal enforcement has intensified sharply following mass government-benefits fraud exposure.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — United States — Minnesota", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Minnesota GTO expiration/renewal decision", "instrument_type": "regulatory_horizon", "source": "FIM (sentinel.gi) regulatory_horizon_register (issue FIM-BASE-HRZ-001)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Gap: sourcing-thinness", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Enforcement: FinCEN — Banks and money transmitters in Hennepin and Ramsey Counties, Minnesota", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-003)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Enforcement: FinCEN — Four Minnesota-based money services businesses", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-004)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Gap: legal-gap", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)", "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-minnesota/#w12-correspondent-banking-settlement-access", "standing_position": "Correspondent-banking and settlement access for Minnesota institutions runs through the Federal Reserve Bank of Minneapolis's Ninth District infrastructure (Fedwire, FedACH, National Settlement Service, FedNow access) and its Supervision, Regulation, and Credit Division's safety-and-soundness oversight, with a February 2026 FinCEN GTO adding a de-risking-adjacent reporting overlay on outbound international transfers from two Minneapolis-St. Paul counties.", "findings": [ { "finding": null, "instrument_type": "infrastructure", "source": "https://www.federalreserve.gov/aboutthefed/files/minneapolisfinstmt2023.pdf", "source_url": "https://www.federalreserve.gov/aboutthefed/files/minneapolisfinstmt2023.pdf", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "supervisory_function", "source": "https://www.minneapolisfed.org/banking", "source_url": "https://www.federalregister.gov/documents/2026/01/13/2026-00449/geographic-targeting-order-imposing-recordkeeping-and-reporting-requirements-on-certain-financial", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "regulatory_order", "source": "https://www.federalregister.gov/documents/2026/01/13/2026-00449/geographic-targeting-order-imposing-recordkeeping-and-reporting-requirements-on-certain-financial", "source_url": "https://www.federalreserve.gov/newsevents/pressreleases/files/orders20260311b1.pdf", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "supervisory_function", "source": "https://www.minneapolisfed.org/banking/mergers-and-acquisitions", "source_url": "https://www.federalreserve.gov/newsevents/pressreleases/files/orders20260311b1.pdf", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "regulatory_order", "source": "https://www.federalreserve.gov/newsevents/pressreleases/files/orders20260311b1.pdf", "source_url": "https://www.federalreserve.gov/newsevents/pressreleases/files/orders20260311b1.pdf", "source_tier": "1", "retrieved_at": null } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-minnesota/#w13-commercial-intelligence-fintech", "standing_position": "Minnesota's trailing-12-month payments-adjacent commercial activity is headlined by the $12.3 billion Thoma Bravo take-private of Dayforce (formerly Ceridian), alongside U.S. Bancorp's pending BTIG acquisition, several Minnesota credit-union and factoring-company mergers, and a modest run of early-stage fintech seed funding.", "findings": [ { "finding": null, "instrument_type": "commercial_event", "source": "https://www.outsail.co/post/dayforce-2026-whats-new-in-ceridians", "source_url": "https://www.outsail.co/post/dayforce-2026-whats-new-in-ceridians", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event", "source": "https://www.privsource.com/acquisitions/financial-services/state/minnesota", "source_url": "https://www.privsource.com/acquisitions/financial-services/state/minnesota", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event", "source": "https://www.privsource.com/acquisitions/financial-services/state/minnesota", "source_url": "https://www.fintechfutures.com/venture-capital-funding/icymi-fintech-funding-round-up-coinbax-mylapay-pluto-and-more", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event", "source": "https://www.privsource.com/acquisitions/financial-services/state/minnesota", "source_url": "https://tracxn.com/d/explore/fintech-startups-in-minneapolis-united-states/__V5cmtp8GuthgbUJZ4trNVE0CJPyp2a9_UFCfNoVq_yY", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event", "source": "https://www.privsource.com/acquisitions/financial-services/state/minnesota", "source_url": "https://tracxn.com/d/explore/fintech-startups-in-minneapolis-united-states/__V5cmtp8GuthgbUJZ4trNVE0CJPyp2a9_UFCfNoVq_yY", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event", "source": "https://www.privsource.com/acquisitions/financial-services/state/minnesota", "source_url": "https://tracxn.com/d/explore/fintech-startups-in-minneapolis-united-states/__V5cmtp8GuthgbUJZ4trNVE0CJPyp2a9_UFCfNoVq_yY", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event", "source": "https://www.fintechfutures.com/venture-capital-funding/icymi-fintech-funding-round-up-coinbax-mylapay-pluto-and-more", "source_url": "https://tracxn.com/d/explore/fintech-startups-in-minneapolis-united-states/__V5cmtp8GuthgbUJZ4trNVE0CJPyp2a9_UFCfNoVq_yY", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event", "source": "https://tracxn.com/d/explore/fintech-startups-in-minneapolis-united-states/__V5cmtp8GuthgbUJZ4trNVE0CJPyp2a9_UFCfNoVq_yY", "source_url": "https://tracxn.com/d/explore/fintech-startups-in-minneapolis-united-states/__V5cmtp8GuthgbUJZ4trNVE0CJPyp2a9_UFCfNoVq_yY", "source_tier": "3", "retrieved_at": null } ] } ] }