Update: FinCEN Reissues Real Estate Geographic Targeting Orders and Expands Coverage to 12 Metropolitan Areas

The Financial Crimes Enforcement Network (FinCEN) recently announced the issuance of revised Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate.

The purchase amount threshold, which previously varied by city, is now set at $300,000 for each covered metropolitan area.

FinCEN is also requiring that covered purchases using virtual currencies be reported.

in Compliance & Regulatory News