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News & Press: Industry News

More Reporting on Foreign Financial Transactions Possible

Tuesday, August 15, 2017  
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Since August 2016, the title industry has been operating under temporary Geographic Targeting Orders (GTOs) issued by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). These orders expire on August 22nd but are likely to be extended.  The purpose of the reporting is to identify individuals behind companies that are used to conduct high-end, cash real estate transactions.  The orders in California cover the counties of Los Angeles, San Francisco, San Mateo, Santa Clara and San Diego. 

Law enforcement believes these reports to be beneficial because about 30 percent of the reported transactions involve beneficial owners who were the subject of a previous suspicious activity report or law enforcement investigation.

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
Email:  |  Phone: 916-444-2647  |   Fax: 916-444-2851