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Top Read TitleNews Articles of 2024
In 2024, several articles garnered significant attention within the title insurance industry, reflecting key developments and challenges. The top themes centered around the FHFA’s misguided title insurance waiver pilot, new AML regulations issued by FinCEN and fraud. Today, we highlight the top read articles over the past year.
Webinar Recording: Prep Your Operation for FinCEN’s Anti-Money Laundering Rule
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) final rule requiring reporting of all-cash residential transactions nationwide involving legal entities and trusts goes into effect Dec. 1, 2025. Listen to this webinar recording to learn how this rule will impact title and escrow operations. The webinar discusses covered transactions, what information must be reported, when information must be reported, who must provide the report, expected training and operational costs, and ALTA’s advocacy efforts.
Federal Court Halts BOI Reporting
A federal district court issued a preliminary injunction Dec. 3 prohibiting FinCEN from enforcing the Corporate Transparency Act (CTA) and the beneficial ownership information (BOI) reporting rule.
9 Red Flags to Identify Deepfakes Targeting Financial Institutions
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an alert to help financial institutions identify fraud schemes associated with the use of deepfake media created with generative artificial intelligence (GenAI) tools.
FinCEN Issues Proposed Reporting Form to Comply With AML Rule
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a 60-day notice in the Federal Register concerning the form that real estate professionals will use to report information about certain residential real estate transfers under the anti-money laundering regulation.
Alliant National Hires Florida Senior Underwriting Counsel
In her new role, Valerie Grandin will be tasked with developing educational programming and partnering with Alliant National Title’s Florida agents to increase their market share through unique business development strategies and product offerings.
The Docket: District Court Denies Challenge to Corporate Transparency Act
The U.S. District Court for the Eastern District of Virginia denied the Community Association Institutes motion for preliminary injunction in its challenge to the Corporate Transparency Act (CTA). The lawsuit challenges the constitutionality of the act and Financial Crimes Enforcement Network’s (FinCEN) interpretation of the exemption for nonprofits. Earlier this year, a district court in Alabama held the law was unconstitutional.
FinCEN Renews Real Estate Geographic Targeting Orders
The Financial Crimes Enforcement Network (FinCEN) on Oct. 15 renewed its Geographic Targeting Orders (GTO) that requires U.S. title insurance companies to identify the natural persons behind shell companies used in non-financed purchases of residential real estate. The terms of the GTOs are effective through April 14, 2025. FinCEN issued a final rule requiring certain industry professionals to report information to FinCEN about non-financed transfers of residential real estate to a legal entity or trust. This nationwide reporting framework will replace the GTOs and will go into effect on Dec. 1, 2025.
Don't Miss Out on the Latest Regulatory News at ALTA ONE
ALTA ONE | Oct. 15-18, 2024 | Register Today
With so much going on in the title insurance industry, this is a year you won’t want to miss out on our Legal & Regulatory track. Topics include FinCEN’s real estate anti-money-laundering rule, the NAR settlement, redacting public records and much more. Join us in Orlando, Fla., from Oct. 15-18 to learn directly from title professionals in the Legal & Regulatory track:
FinCEN Issues Final Anti-Money Laundering Rule for Real Estate
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a 120-page final rule that requires certain people involved in real estate closings and settlements to report information to the agency about all-cash residential transactions nationwide involving legal entities and trusts. The effective date of the rule is Dec. 1, 2025. ALTA had asked for a one-year implementation period at a minimum. Read on to learn more about the rule's requirements and ALTA's efforts to reduce the impact on small businesses and the cost of the regulation.
Learn from the Industry’s Top Experts at ALTA ONE
Oct. 15-18, 2024 | Orlando, Fla. | Register Today
They say, “Knowledge is power.” This October, prepare to ignite your power and spark magic with the knowledge you’ll gain at ALTA ONE! We’re inviting experts from all over the country to discuss what’s happening in the title insurance industry on Capitol Hill, how cybercriminals are using artificial intelligence, what drives sales for your business and more. Register today to get in on our Summer Savings Event before it ends July 19 and join us in Orlando, Fla., from Oct. 15-18. (Hurry: The ALTA ONE room block is almost sold out!)
Deputized to Help Prevent Money Laundering?
FinCEN notice of proposed rulemaking requires certain people involved in real estate closings and settlements to report information to the agency about all-cash residential transactions nationwide involving legal entities and trusts. All-cash transactions accounted for 28% of all transactions in 2023, according to the National Association of Realtors. FinCEN has proposed that the rule would go into effect one year after the final rule is issued.
Breaking Down the FinCEN Anti-Money Laundering Rule
Read on as ALTA analyzes various parts of U.S. Treasury Department’s Financial Crimes Enforcement Network's (FinCEN) proposed real estate anti-money laundering rule that will impose reporting requirements about all-cash residential transactions involving legal entities and trusts. Learn about the types of covered transactions, when a deal needs to be reported, who must report and what's considered a residential property.
FinCEN Adds New FAQs to Help Compliance With Beneficial Ownership Rule
The new frequently asked questions (FAQs) address questions about Native tribes, homeowners associations and identification needed under the reporting requirements, among other issues.
Financial Institutions Report $27 Billion in Elder Financial Exploitation
The Financial Crimes Enforcement Network’s (FinCEN) Financial Trend Analysis highlighted threat patterns and trends from June 2022 to June 2023. Financial institutions submitted 155,415 filings regarding elder financial exploitation (EFE).
FinCEN Warns Criminals Using Fake Passports Cards in Identity Theft, Fraud Schemes
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) warned financial institutions to be vigilant in identifying and reporting suspicious activity related to the use of counterfeit U.S. passport cards. Read on to learn about the security features of legitimate U.S. Passport Cards and a list of technical, behaviorial and financial red flags.
ALTA Recommends Changes to FinCEN’s Proposed Anti-Money Laundering Rule
ALTA submitted a letter April 16 outlining the industry’s concerns with FinCEN’s proposed anti-money laundering rule that would require certain people involved in real estate closings and settlements to report information to the agency about all-cash residential transactions nationwide involving legal entities and trusts. ALTA suggested several changes to the scope of the rule and data requested that will make it more effective and manageable for those responsible for reporting and improving the value of reports for law enforcement. Read on for details.
FinCEN Renews Real Estate Geographic Targeting Orders
The Financial Crimes Enforcement Network (FinCEN) on April 17 renewed its Geographic Targeting Order (GTOs) that requires U.S. title insurance companies to identify the natural persons behind shell companies used in non-financed purchases of residential real estate. The terms of the GTO are effective through Oct. 15, 2024.
Breaking Down the FinCEN Anti-Money Laundering Rule: What Is Considered Residential Property?
ALTA analyzes various parts of U.S. Treasury Department’s Financial Crimes Enforcement Network's (FinCEN) proposed real estate anti-money laundering rule that will impose reporting requirements about all-cash residential transactions involving legal entities and trusts. Read on to learn what FinCEN considers residential property.
Breaking Down the FinCEN Anti-Money Laundering Rule: Who is in Charge of Reporting?
ALTA analyzes various parts of U.S. Treasury Department’s Financial Crimes Enforcement Network's (FinCEN) proposed real estate anti-money laundering rule that will impose reporting requirements about all-cash residential transactions involving legal entities and trusts. Read on to learn who must report the information to FinCEN.
ALTA Says White House Title Waiver Pilot Is ‘Bad Politics, Bad Process, Bad Policy’
ALTA continues to voice significant concern with the Biden administration’s misguided pilot program that would waive the requirement for lender’s title insurance on certain refinances. “This pilot will not help achieve the administration’s goals of expanding homebuying opportunities and affordability for first-time or lower- and moderate-income individuals," said ALTA CEO Diane Tomb. "Rather, it’s a hollow attempt by the White House to placate Americans’ current economic frustrations. The pilot is simply bad politics, bad process, and bad policy.” Read on to learn how you can help advocate for the industry and encourage your member of Congress to support the Protecting America’s Property Rights Act.
Learn How Proposed Real Estate Anti-Money Laundering Rule Impacts You
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a proposed rule that requires certain people involved in real estate closings and settlements to report information to the agency about all-cash residential transactions nationwide involving legal entities and trusts. Listen to this webinar recording to learn more about the proposed rule, the impact it will have on title and settlement agents, and ALTA’s advocacy efforts.
U.S. District Judge Rules Corporate Transparency Act Is Unconstitutional
A federal district judge in Alabama on March 1 issued an opinion finding that the Corporate Transparency Act (CTA) is unconstitutional on the grounds that Congress supposedly exceeded certain limits on its powers. Read on to learn what this means for companies that must report information to the U.S. government about the individuals who ultimately own or control the company.
Breaking Down the FinCEN Anti-Money Laundering Rule: When Do You Have to Report a Transaction
ALTA will break down various parts of U.S. Treasury Department’s Financial Crimes Enforcement Network's (FinCEN) proposed real estate anti-money laundering rule that will impose reporting requirements about all-cash residential transactions involving legal entities and trusts. Read on to learn about the types of transactions and properties, as well as the buyers that trigger when a report must be submitted to FinCEN.
Does Your Company Need to Report Beneficial Ownership Information?
Due to a rule that went into effect Jan. 1, many companies are now required to report information to the Financial Crimes Enforcement Network about the individuals who ultimately own or control the company.
The Corporate Transparency Act: Does Your Company Need to File?
The Corporate Transparency Act is a new law that took effect Jan. 1. Many companies will need to prepare and file a Beneficial Owner Information (BOI) report with the Financial Crimes Enforcement Network of the U.S. Treasury (FinCEN). This CertifID-sponsored ALTA Insights webinar addresses the Corporate Transparency Act, its definitions of reporting company, beneficial owner, substantial control and company applicant, and discusses which companies need to file a BOI report.
Treasury Issues Proposed Real Estate Money Laundering Rule
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking that would require certain people involved in real estate closings and settlements to report information to the agency about all-cash residential transactions nationwide involving legal entities and trusts. Read on for a breakdown of the rule's requirements and estimated cost on companies to complete and file the reports.