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Use These Tools to Comply With FinCEN's Money Laundering Order
August 24, 2017
The Financial Crimes Enforcement Network (FinCEN) renewed and expanded existing Geographic Targeting Orders (GTO) that require U.S. title insurance companies—along with their subsidiaries and agents—to identify the individuals behind companies used to conduct high-end, all-cash real estate transactions in certain major jurisdictions. The latest GTO goes into effect Sept. 22 and runs through March 20, 2018. For closing scheduled between Aug. 23 and Sept. 21, the GTO will not apply—although FinCEN will accept voluntary filings. ALTA provides several resources to help members comply.
FinCEN Extends and Expands Money Laundering Prevention Effort, Adds Wire Transfers
August 22, 2017
The Financial Crimes Enforcement Network (FinCEN) renewed and expanded existing Geographic Targeting Orders (GTO) that require U.S. title insurance companies—along with their subsidiaries and agents—to identify the individuals behind companies used to conduct high-end, all-cash real estate transactions in certain major jurisdictions. The new order, which runs from Sept. 22 through March 20, 2018, now includes transactions involving wire transfers and adds deals above $3 million conducted in the city and county of Honolulu, Hawaii.
RamQuest Adds Free Patriot Search to Closing Market Network
August 8, 2017
RamQuest customers can now perform free Patriot Searches that utilize up to nine data sources.
Phishing for Wire Transfers
August 1, 2017
As president and chief executive officer of Texas-based Rattikin Title Company, Jack Rattikin III has plenty of things that occupy his attention. Third-party vendor oversight and threats to the rating structure in Texas were two top-of-mind issues, but they’re not what keeps Rattikin up at night. Over the past year, a new threat has emerged to become the main reason for late-night tossing and turning for title and settlement professionals: phishing and wire fraud.
CFPB Answers ALTA’s Request to Issue Consumer Alert on Wire Fraud
July 11, 2017
On July 7, the Consumer Financial Protection Bureau finally heeded ALTA’s advice and published a warning to help alert consumers about wire fraud schemes. ALTA encourages members to use the consumer alerts to help educate buyers, sellers and real estate partners about the risk. ALTA is in the process of developing a short video and an infographic that members can brand with their logo to help raise awareness and educate consumers about wire fraud.
FinCEN Extends Money Laundering Prevention Effort in Six Metros
February 23, 2017
The Financial Crimes Enforcement Network (FinCEN) renewed existing Geographic Targeting Orders (GTO) that require 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 only change is that the order is now in effect until Aug. 22, 2017. Read on for more details and tools to help companies comply with the order.
Missouri Recommends Title Agencies ‘Verify and Call Back’ Before Wiring Funds
February 23, 2017
The Missouri Department of Insurance is the latest regulator to offer warnings about fraudulent email and money wiring scams.