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ALTA Applauds Passage of National Defense Authorization Act With Beneficial Ownership Amendment
ALTA commended Congress for passing the National Defense Authorization Act (NDAA), which included a beneficial ownership amendment designed to help limit money laundering and other criminal activity. The legislation would require companies and LLCs to file beneficial ownership information with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) at the time the entity is created and update the info yearly.
ALTA-supported Wire Fraud Language Added to Senate Appropriations Bills
Similar to efforts in the U.S. House of Representatives, ALTA successfully worked with the Senate Committee on Appropriations to push several federal agencies to focus more on real estate wire fraud as part of Congress’s annual appropriations process.
FinCEN Renews Geographic Targeting Orders for 12 Metropolitan Areas
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 orders are effective through May 4, 2021.
ICYMI: October Edition of Digital TitleNews Features the ALTA Good Deeds Foundation
The cover article of this edition highlights the launch of the ALTA Good Deeds Foundation, which will provide charitable grants to build and sustain ongoing efforts that cultivate communities. Other articles in this edition include: the GAO says FinCEN should enhance procedures for implementing Geographic Targeting Orders; Intercontinental Exchange to purchase Ellie Mae for $11 billion; the ALTA Registry helps prevent risk of wire and title fraud; and a profile of an ALTA member who went from bartender to title company owner.
GAO Says FinCEN Should Enhance Procedures for Implementing and Evaluating GTOs
The U.S. Government Accountability Office (GAO) recommended in a 41-page report that FinCEN develop additional guidelines to help with oversight, outreach and evaluation when issuing real estate geographic targeting orders (GTO).
Avoid Being Hacked: Perform a Network Penetration Test
The the FBI has warned that fraudsters continue to take advantage of the COVID-19 pandemic to steal money through business email compromise schemes. Want to protect your computer network from being hacked? Experts say companies should perform what’s called a “Penetration Test” to find any vulnerabilities in your network. Register for an upcoming webinar "Why You Need to Get Hacked," sponsored by FNF Family of Companies, to learn how a penetration test works and how to act on the results.
Language Addressing Wire Fraud, Business Email Compromise Added to Appropriations Bills
ALTA has successfully worked with the House Committee on Appropriations to push several federal agencies to focus more on real estate wire fraud as part of Congress’s annual appropriations process.
FinCEN Releases COVID-19 Advisory on Imposter Scams and Money Mule Schemes
The Financial Crimes Enforcement Network (FinCen) recently issued an advisory warning financial institutions of imposter scams and money mule schemes, which are two kinds of consumer fraud that U.S. authorities have observed during the COVID-19 pandemic.
FinCEN Renews Geographic Targeting Orders
FinCEN appreciates the continued assistance and cooperation of the title insurance companies and ALTA in protecting the real estate markets from abuse by illicit actors. The order is effective through Nov. 5, 2020