FinCEN reissued a Geographic Targeting Order ("GTO") requiring title insurance companies to collect and report beneficial ownership information for certain residential real estate purchases.
The renewed GTO applies when a legal entity purchases residential real estate that:
- is in one of the specified areas (e.g., Boston, Chicago, Dallas-Fort Worth, Honolulu, Las Vegas, Los Angeles, Miami, New York City, San Antonio, San Diego, San Francisco and Seattle);
- sells for at least $300,000;
- does not involve a bank loan or similar external financing; and
- is purchased, at least in part, with currency, a cashier's check, a certified check, a traveler's check, a personal check, a business check, a money order, a funds transfer or virtual currency.
The GTO covers the period from May 5, 2021 to October 31, 2021.
Primary Sources
- FinCEN Press Release: FinCEN Reissues Real Estate Geographic Targeting Orders for 12 Metropolitan Areas
- FinCEN GTO: Title Insurance Companies
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.
