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Top Industry Articles of 2016
December 27, 2016
Articles about TRID dominated the headlines over the past year, while other eye-catching topics included an agent thwarting an escrow-fund phishing scheme, the federal appeals court ruling in PHH v. CFPB, FinCEN expanding and extending an order to try and identify money-laundering schemes, tools to help members recruit new talent, key lawsuits everyone in the industry should know about and technology perceived as the Holy Grail of digital land records. Check out the list of articles.
Colorado Warns of Fraudulent Wire Scams
December 15, 2016
The Colorado Division of Real Estate at the Department of Regulatory Agencies (DORA) became the latest regulator to issue a warning about email and money wiring scams. Read on for tips and red flags to help guard against the growing number of email fraud schemes.
FinCEN Addresses GTO Questions
September 15, 2016
FinCEN provides guidance on whether transactions are covered when involving business trusts, 1031 exchanges and vacant lots.
FinCEN Issues Fraudulent Email Scheme Warning
September 8, 2016
The Financial Crimes Enforcement Network (FinCEN) warned companies—including title and escrow companies—to guard against the growing number of email fraud schemes involving wire transfers.
ALTA Develops Tools to Help Comply With FinCEN Order to Identify Money-laundering Schemes
August 25, 2016
ALTA has created several documents to help members comply with the Financial Crimes Enforcement Network's expanded Geographic Targeting Orders, which requires all U.S. title insurance companies to identify the individuals behind companies used to conduct high-end, all-cash real estate transactions in six major jurisdictions. The GTOs go into effect Aug. 28 and apply to underwriters’ subsidiaries and agents. ALTA has developed a FAQ that highlights the basics of the GTO, covered jurisdictions, what information must be collected and criminal penalties for not complying; a form to help determine if a transaction is reportable; a form to aid in the collection of information; and a graphic to educate real estate agents about the order.
Register for Friday’s Webinar on FinCEN’s Expanded Geographic Targeting Order
August 18, 2016
The Financial Crimes Enforcement Network (FinCEN) has expanded its Geographic Targeting Order (GTO) requiring all title insurance underwriters (including subsidiaries and 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 six major jurisdictions. Hosted by ALTA and the California Land Title Association, this webinar will provide background on FinCEN and the Bank Secrecy Act, and discuss which deals are covered and the information that needs collected so you’ll be prepared to comply and close reportable transactions.
FinCEN Expands, Extends Order to Identify Money-laundering Schemes
August 2, 2016
The Financial Crimes Enforcement Network (FinCEN) on July 27 announced new Geographic Targeting Orders temporarily requiring all U.S. title insurance companies (including subsidiaries and agents) to identify the individuals behind companies used to conduct high-end, all-cash real estate transactions in six major jurisdictions. The GTOs are effective for 180 days beginning on Aug. 28 and apply to underwriters’ subsidiaries and agents. Read on to learn more about the orders and what information must be collected in covered transactions.
FinCEN Updates FAQs for Geographic Targeting Orders
March 8, 2016
FinCEN issued updated FAQs for its Geographic Targeting Orders that require several title insurance underwriters to identify the names of individuals involved in shell companies and other legal entities that make all-cash purchases for residential transactions that exceed $3 million in Manhattan, N.Y., and exceed $1 million in Miami-Dade County, Fla. All covered transactions that settle between March 1 and Aug. 27, 2016, must be reported. The updated FAQs address when there are a series of transactions that close separately, if a photo ID must be obtained of every member of an LLC and the impact ancillary settlement charges have on whether the transaction is reportable.
The Hunt for Dark Money
March 3, 2016
The U.S. The Financial Crimes Enforcement Network has leaned on the title insurance industry to help snuff out money-laundering schemes and collect information about suspicious all-cash residential deals that exceed $3 million in Manhattan, N.Y., and that exceed $1 million in Miami-Dade County, Fla.All covered transactions that settle between March 1 and Aug. 27, 2016, must be reported.
ALTA Develops Fact Sheet for FinCEN Geographic Targeting Orders
March 3, 2016
ALTA developed a fact sheet to help members comply with recent Geographic Targeting Orders issued by the Financial Crimes Enforcement Network (FinCEN) requiring several title insurance underwriters 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 Manhattan, N.Y., and Miami-Dade County, Fla. The fact sheet details reporting requirements, which transactions are covered by the orders, the companies that must comply and the collection of information, as well as criminal and civil penalties for not complying.
FinCEN Releases FAQs for Geographic Targeting Orders Involving Certain Real Estate Transactions
February 2, 2016
FinCEN published a list of frequently asked questions (FAQs) in response to inquiries about two Geographic Targeting Orders requiring several title insurance companies (including their subsidiaries and 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 Manhattan, N.Y., and Miami-Dade County, Fla. FinCEN’s FAQs address questions previously raised by ALTA.
FinCEN Orders Title Insurers to Provide Info About Suspicious All-cash Deals in Miami, Manhattan
January 28, 2016
The Financial Crimes Enforcement Network (FinCEN) has issued Geographic Targeting Orders requiring several title insurance underwriters 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 Manhattan, N.Y., and Miami-Dade County, Fla.
ALTA Asks FinCEN to Clarify Geographic Targeting Orders
January 14, 2016
ALTA has submitted a letter to the director of the Financial Crimes Enforcement Network (FinCEN) asking for several clarifications to promote consistency in reporting and help the industry better understand which transactions are covered by FinCEN's Geographic Targeting Orders. The orders require several title insurance underwriters 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 Manhattan, N.Y., and Miami-Dade County, Fla. .
ALTA Members Play Important Role in Preventing Illegal Purchase of Real Estate
January 14, 2016
ALTA looks forward to continuing our work with the U.S. Department of Treasury Financial Crime Enforcement Network as its members implement FinCEN's order to help prevent money laundering schemes and the illegal purchase of real estate in the United States.