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Mortgage Cadence Integrates With ALTA Registry
December 17, 2019
This integration enables users to immediately verify the identity of title and settlement agents, as well as attorneys, using the platform, which automates processes and facilitates the exchange of documents and information in the mortgage closing process.
FinCEN Publishes Guidance on Hemp Banking
December 17, 2019
FinCEN recently published guidance to help banks and title companies serve the needs of hemp producers during the purchase of real estate.
FinCEN Renews Geographic Targeting Order; Thanks ALTA, Title Industry for Help
November 12, 2019
The Financial Crimes Enforcement Network (FinCEN) once again renewed its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate in 12 metropolitan areas. The extended GTO is the same except the new order does not require reporting for purchases made by subsidiaries of U.S. publicly traded companies.
New FinCEN Division Focuses on Identifying Money Laundering Threats; House Passes Beneficial Ownership Disclosure Bill
October 24, 2019
The Financial Crimes Enforcement Network (FinCEN) recently launched its Global Investigations Division, which will be responsible for implementing targeted investigation strategies rooted in FinCEN’s unique authorities under the Bank Secrecy Act to combat illicit finance threats and related crimes, both domestically and internationally. To help on this front, the U.S. House of Representatives passed the ALTA-supported Corporate Transparency Act, which would require corporations and limited liability companies to reveal beneficial owners to the federal government when they’re formed.
Download ALTA's Outgoing Wire Preparation Checklist
August 27, 2019
With the threat of wire transfer fraud continuing to grow, ALTA’s Information Security Committee developed a new tool for members seeking best practices to verify outgoing wire information.
Report: Attempted Losses Due to Business Email Compromise Schemes Spike to $301M per Month
July 16, 2019
According to FinCEN, real estate was the third highest targeted sector for BEC in 2018, accounting for 16 percent of all reported incidents. While real estate firms represented 9 percent of all targeted firms in 2017, they accounted for over 20 percent of fraudulent transaction amounts. Real estate firms have the highest average fraudulent transaction amount of $179,001.
Florida Agency Network Executives Receive Anti-Money Laundering Credentials
June 13, 2019
Amy Gregory, Andrea Somers and Jay Roberts each received the Certified Anti-Money Laundering Specialist (CAMS) credential, which is awarded to professionals who successfully complete an examination demonstrating their aptitude and expertise in anti-money laundering detection and enforcement.
DOJ Directed to Issue Wire Fraud Report
June 11, 2019
At ALTA’s request, the House Appropriations Committee directed the Department of Justice to issue a report to Congress on its efforts to combat wire fraud. This is part of Congress' annual appropriations process that directs how government agencies spend money.
FinCEN Reissues Real Estate Geographic Targeting Orders for 12 Metros
May 16, 2019
The Financial Crimes Enforcement Network (FinCEN) renewed its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate. The new GTOs run through Nov. 11. FinCEN said it appreciates the continued assistance and cooperation of the title insurance companies and ALTA in protecting the real estate markets from abuse by illicit actors.
Anti-Money Laundering Bill Passes Committee With ALTA Changes
May 14, 2019
The initial discussion draft of "Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019" included a provision to expand the FinCEN Geographic Targeting Orders to cover commercial real estate transactions on the same terms as residential transactions (e.g. cash purchases over $300,000). Also included was a provision to affirmatively cover transactions made using a like kind exchange. Due to efforts by ALTA members and staff, edits were made to the language requiring FinCEN to issue a unique GTO on commercial real estate.
 Effort to Curb Money Laundering Gains Steam
May 9, 2019
ALTA Past President Steve Day NTP led a panel discussion on anti-money laundering efforts, beneficial ownership and FinCEN’s Geographic Targeting Orders (GTOs) during the 2019 ALTA Advocacy Summit in Washington, D.C.
ALTA Supports Federal Anti-Money Laundering Bill
May 8, 2019
ALTA joined several other trade groups in a letter to the House Financial Services and Senate Banking leadership urging passage of the Corporate Transparency Act (HR 2513). The bill would update anti-money laundering laws and establish a national strategy to protect real estate from money launders.
Have Questions About Anti-Money Laundering Laws?
April 17, 2019
May 6 - 8, 2019 | InterContinental DC - The Wharf, Washington, DC | Register Today
With Congress significantly interested in updating federal anti-money laundering laws, now is the perfect time to take a deeper look at money laundering and its relationship to real estate as well as FinCEN's Geographic Targeting Orders and beneficial ownership.