April 29, 2021

GTOs renewed by FinCEN for 12 metropolitan areas

On April 29, 2021, the Financial Crimes Enforcement Network announced the renewal of Geographic Targeting Orders to the twelve metropolitan areas previously targeted by the orders.  GTOs are issued under the authority of the Bank Secrecy Act, and provide valuable information to regulators by requiring US title insurance companies to list the natural persons behind companies that make all-cash purchases of  residential real estate valued at $300,000 or more.  The re-issued GTO will remain in effect from May 5, 2021 to October 31, 2021.  The areas covered by the order are:  Boston; Chicago; Dallas-Fort-Worth; Honolulu; Las Vegas; Los Angeles; Miami; New York City; San Antonio; San Diego; San Francisco and; Seattle.  Frequently Asked Questions issued in conjunction with the GTO provide additional detail on the areas covered, the definition of “residential real property” within the meaning of the GTO, which businesses fall under the GTO’s mandate, the types of payments it covers, and the method and duration of compliance and recordkeeping under the GTO.

FinCEN news release | GTO | FAQs