In an effort to identify money-laundering schemes, the Financial Crimes Enforcement Network (FinCEN) has issued Geographic Targeting Orders (GTO) requiring all title insurance underwriters (including any of their subsidiaries or agents) to identify the names of individuals involved in shell companies and other legal entities that make all-cash purchases for high-end residential real estate in several jurisdictions around the United States. FinCEN renewed for an additional six months an existing GTO, which now runs through Sept. 16, 2018. FinCEN also issued this advisory, which provides information on how to detect and report these transactions to FinCEN.



ALTA Advocacy