WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has renewed and expanded geographic targeting orders (GTO) requiring title insurance companies to identify the natural persons behind companies purchasing real estate without financing.
According to Respa News, the GTO terms went into effect Oct. 22 and will end April 18, 2024. They cover certain counties within the following areas: Boston; Chicago; Dallas-Fort Worth; Houston; Laredo, Texas; Las Vegas; Los Angeles; Miami; New York City; San Antonio; San Diego; San Francisco; Seattle; Denver; the District of Columbia, Maryland, and Northern Virginia (DMV) area; as well as the city and county of Baltimore, the counties of Fairfield and Litchfield in Connecticut, and the Hawaiian islands of Honolulu, Maui, Hawaii, and Kauai.
FinCEN also expanded the GTOs’ coverage the counties of Bristol, Essex, Norfolk, and Plymouth in Massachusetts; the counties of Hillsborough, Pasco, Pinellas, Manatee, Sarasota, Charlotte, Lee, and Collier in Florida; and the county of Travis in Texas, Respa News added.
‘Valuable Data’
“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 continuing to inform FinCEN’s regulatory efforts in this sector.”
FinCEN stated the effective period for the newly added areas will begin on Nov. 21. The purchase amount threshold will stay at $300,000 for each covered metropolitan area except for the city and county of Baltimore, where the threshold is $50,000.
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