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Senate Banking Committee to Hold Hearing on Money Laundering
November 27, 2018
The U.S. Senate Banking Committee will hold a hearing at 10 a.m. ET on Thursday titled “Combating Money Laundering and Other Forms of Illicit Finance: Regulator and Law Enforcement Perspectives on Reform.”
FinCEN Renews Money Laundering GTOs
November 15, 2018
The purchase amount threshold, which previously varied by city, is now set at $300,000 for each covered metropolitan area. Covered purchases now also include transactions involving virtual currencies while removing GTO coverage for purchases by trusts. The revised Geographic Targeting Orders are in effect from Nov. 17 through May 15, 2019.
Senators Want GAO Report on Effectiveness of FinCEN’s Money Laundering GTOs
October 4, 2018
Two U.S. Senators have asked the Government Accountability Office (GAO) to study the issue of money laundering in real estate transactions and the effectiveness of the Treasury’s Financial Crimes Enforcement Network (FinCEN) Geographic Targeting Orders (GTO). Since issuing the first GTO in January 2016, FinCEN has required 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.
Bitcoin Bonanza Hits Real Estate
June 28, 2018
With digital currencies gaining traction, title and settlement companies must have policies and procedures in place to handle these transactions.
FinCEN Extends Money Laundering Prevention Effort
March 20, 2018
The Financial Crimes Enforcement Network (FinCEN) renewed for an additional six months an existing Geographic Targeting Order (GTO) that requires 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 renewed GTO runs through Sept. 16.
Senate Hearing Examines Overhauling Ant-money Laundering Regulations
January 9, 2018
The Senate Banking Committee held a hearing Jan. 9 discussing the potential of overhauling regulations aimed at curbing money laundering. During the hearing, one of the expert witnesses said the information collected by title companies about individuals behind companies used to conduct high-end, all-cash real estate transactions in certain major jurisdictions was an example of successful data collection reported to FinCEN.