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News & Press: Industry News

FinCEN Renews Geographic Targeting Orders

Tuesday, November 19, 2019  
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The Financial Crimes Enforcement Network (FinCEN) once again renewed its Geographic Targeting Orders (GTO) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate in 12 metropolitan areas. The purchase amount threshold remains $300,000 for each covered metropolitan area. In addition, covered purchases using virtual currencies must be reported. The new GTOs run through May 9, 2020.

The extended GTO is the same except for one modification: the new GTO does not require reporting for purchases made by subsidiaries of U.S. publicly traded companies. Real estate purchases by such entities are identifiable through other business filings, according to FinCEN.

California Land Title Association

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