WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has announced the renewal and expansion of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in non-financed purchases of residential real estate.
The terms of the GTOs are effective beginning Oct. 27, 2022, and ending on April 24, 2023.
“The GTOs continue to provide valuable data on the purchase of residential real estate by persons possibly involved in various illicit enterprises,” FinCEN stated. “Renewing the GTOs will further assist in tracking illicit funds and other criminal or illicit activity, as well as inform FinCEN’s future regulatory efforts in this sector.”
FinCEN renewed the GTOs that cover certain counties within the following major U.S. metropolitan areas: Boston; Chicago; Dallas-Fort Worth; Las Vegas; Los Angeles; Miami; New York City; San Antonio; San Diego; San Francisco; Seattle, the District of Columbia, Northern Virginia, and Maryland (DMV) area; as well as the City and County of Baltimore, the County of Fairfield, Connecticut, and the Hawaiian islands of Oahu, Maui, Hawaii, and Kauai.
Additional Regions
FinCEN said that in conjunction with law enforcement partners, identified additional regions that present greater risks for illicit finance activity through non-financed purchases of residential real estate.
“Accordingly, FinCEN expanded the geographic coverage of the GTOs to counties encompassing the Texas cities of Houston and Laredo,” FinCEN said.
The effective period of the GTOs for purchases in these newly added areas begins on Nov. 25, 2022. The purchase amount threshold remains $300,000 for each covered metropolitan area, with the exception of the City and County of Baltimore, where the purchase threshold is $50,000, the agency explained.
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