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FinCEN Reissues Real Estate Geographic Targeting Orders & Lowers Threshold

Monday, November 26, 2018   (0 Comments)
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FinCEN Reissues Real Estate Geographic Targeting Orders & Lowers Threshold

 

The Director of the Financial Crimes Enforcement Network (FinCEN) issued a Geographic Targeting Order (GTO) requiring title insurance companies to collect and report information about the natural persons behind legal entities involved in residential real estate transactions performed without a bank loan or similar form of external financing. The monetary threshold has been reduced to $300,000. The GTOs cover certain counties within the following major U.S. metropolitan areas: Boston; Chicago; Dallas-Fort Worth; Honolulu; Las Vegas; Los Angeles; Miami; New York City; San Antonio; San Diego; San Francisco; and Seattle.

 

CLICK HERE to read the Geographic Targeting Order released by the U.S. Department of Treasury Financial Crimes Enforcement Network. 



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