ONE YEAR ANNIVERSARY OF FINCEN ISSUANCE OF GEOGRAPHIC TARGETING ORDERS
Today marks the one year anniversary of the, The Financial Crimes Enforcement Network (“FinCEN”) issuance of Geographic Targeting Orders (“GTOs”) that obligated the U.S. title insurance companies to recognize the natural persons behind shell companies purchasing residential real estate in all cash.
For each covered metro area the purchase threshold amount was lowered to $300,000, formerly assorted by city. In addition to this, FinCEN calls for required reporting of covered purchases utilizing virtual currencies. The benefit of reissuing GTO’s will allow better tracking of criminal activity and illicit funds, and then notifying FinCEN’s future regulatory efforts in this area.
Boston; Chicago; Dallas-Fort Worth; Honolulu; Las Vegas; Miami; New York City; San Antonio; San Diego; San Francisco; and Seattle are among the major U.S. metropolitan areas where the current GTO’s cover particular counties in. Title insurance companies and the American Land Title Association have been working diligently to ensure safety of the real estate markets from mistreatment of illicit actors. FinCEN values the collaboration from these companies.
Geographic Targeting Orders Copy: here.
Frequently asked questions about GTOs are available here.
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