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FinCEN Looks to Expand All-cash Home Purchase Reporting Requirements
The Financial Crimes Enforcement Network (FinCEN) is seeking public comment on a potential rule to address the vulnerability of the U.S. real estate market to money laundering and other illicit activity. Under the latest Geographic Targeting Order, title insurance companies in 12 metropolitan areas are required to file reports identifying individuals who make all-cash purchases of residential real estate through shell companies, if the transaction exceeds $300,000. The potential regulation published by FinCEN would expand reporting requirements on all-cash real estate deals.
ALTA Advocacy Update
In this week's Advocacy Update, ALTA CEO Diane Tomb discusses the opportunity to attend an upcoming ALTA, MBA & MISMO Digital Closing & eMortgage Boot Camp. Tomb also highlights FinCEN's extension of the Geographic Targeting Orders, a hearing on proposed bills to address cybersecurity and passage of the Infrastructure Investment and Jobs Act.
FinCEN Renews Geographic Targeting Orders Through April 2022
The renewed Geographic Targeting Orders (GTOs) requiring U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate remain identical to previous orders. The purchase amount threshold remains $300,000 for the 12 covered metropolitan areas. FinCEN appreciates the continued assistance and cooperation of title insurance companies and ALTA in protecting the real estate markets from abuse by illicit actors. Read on to learn about the latest to create a beneficial ownership database and potential legislation that would expand the GTOs by making them permanent and national.
ALTA Continues to Elevate Issue of Wire Fraud
For the third year in a row, ALTA successfully worked with the Senate Committee on Appropriations to push several federal agencies to focus more on real estate wire fraud and business email compromise (BEC) scams as part of Congress’s annual appropriations process.
ICYMI: August Edition of TitleNews
The cover article of this edition looks at the 228% spike in title companies offering remote online notarization since 2019, along with the reintroduction of the bipartisan Securing and Enabling Commerce Using Remote and Electronic Notarization Act and a survey from Fannie Mae that shows more consumers conducting the entire homebuying process online. Additional features include Freddie Mac’s RIN guidance includes multifactor authentication requirement; the new RULONA amendment provides more flexibility to the signing process; elders are the top target of financial fraud; and FinCEN's Geographic Targeting Orders run through October 21.
Congress Overrides Trump Veto as Beneficial Ownership Registry Becomes Law
On a rare New Year's Day session, Congress voted to override President Trump's veto of the National Defense Authorization Act (NDAA). With the move, the law creates a new beneficial ownership registry for shell companies. ALTA members asked members of Congress to co-sponsor the bill during the 2019 ALTA Advocacy Summit.