ARTICLE
31 October 2022

FinCEN Geographic Targeting Orders Expanded And Extended

FinCEN - the Financial Crimes Enforcement Network of the U.S. Treasury - has extended and expanded its geographic targeting orders ("GTOs") applicable to title insurance companies.
United States Connecticut Hawaii Maryland New York Texas Virginia Finance and Banking

FinCEN - the Financial Crimes Enforcement Network of the U.S. Treasury - has extended and expanded its geographic targeting orders ("GTOs") applicable to title insurance companies. Prior geographic targeting orders have required title insurance companies to identify and report to FinCEN the natural persons behind shell companies used in non-financed purchases of residential real estate.

FinCEN's latest ruling takes effect October 27, 2022 and ends on April 24, 2023.

FinCEN extended its existing GTO through April 24, 2023 for following jurisdictions: Boston; Chicago; Dallas-Fort Worth; Las Vegas; Los Angeles; Miami; New York City; San Antonio; San Diego; San Francisco; Seattle, the District of Columbia, Northern Virginia, and Maryland (DMV) area; as well as the City and County of Baltimore, the County of Fairfield, Connecticut, and the Hawaiian islands of Honolulu, Maui, Hawaii, and Kauai.

FinCEN also added the following new jurisdictions: Houston, Texas and Laredo, Texas.

FinCEN stated in its announcement that it was working in conjunction with our law enforcement partners and was adding these jurisdictions because they presented greater risks for illicit finance activity through non-financed purchases of residential real estate.

The effective period of the GTOs for purchases in these newly added areas begins on November 25, 2022. The purchase amount threshold remains $300,000 for each covered metropolitan area, with the exception of the City and County of Baltimore, where the purchase threshold is $50,000.

The effective period of the GTOs for purchases in these newly added areas begins on November 25, 2022. The purchase amount threshold remains $300,000 for each covered metropolitan area, with the exception of the City and County of Baltimore, where the purchase threshold is $50,000.

www.fincenreport.com/...

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More