The Financial Crimes Enforcement Network of the US Department of the Treasury announced that it has renewed Geographic Targeting Orders (GTOs) for cash purchases of residential real estate over $300,000, pursuant to the authority granted to FinCEN under 31 USC § 5326(a); 31 CFR § 1010.370 and Treasury Order 180-01, in order to implement and prevent evasion of the Bank Secrecy Act. GTOs require US title insurance companies to identify the natural persons who stand behind all-cash purchases that meet the threshold amount. The GTOs renewed by FinCEN target major metropolitan real estate markets including Boston, Chicago, Dallas-Fort Worth, Honolulu, Las Vegas, Los Angeles, Miami, New York, San Antonio, San Diego, San Francisco and Seattle, and require the filing of a currency transaction report within 30 days of a covered transaction.
May 15, 2019
FinCEN renews reporting requirements for cash purchases of some residential real estate
Related by Topic
New Post
U.S. prosecutors reach $9 million settlement with Wall Street Exchange Centre to resolve AML-related bank fraud allegations
January 27, 2025
News Alert
Willkie CAPITAL LETTERS – Keep Calm and File On: 13 Topics to Keep in Mind for the 2025 Form 10-K and Proxy Season
January 21, 2025
Insight
SEC reaches $350,000 settlement with GTS Securities to resolve AML deficiencies
January 17, 2025
News Alert