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.”

Scheduled to testify include:

  • Kenneth A. Blanco, director, Financial Crimes Enforcement Network (FinCEN), U.S. Department of Treasury
  • Steven D'Antuono, section chief, Financial Crimes Section, Federal Bureau of Investigation (FBI)
  • Grovetta Gardineer, senior deputy comptroller for Compliance and Community Affairs Office of the Comptroller of the Currency

On Nov. 15, FinCEN announced the issuance of revised 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 purchase amount threshold, which previously varied by city, is now set at $300,000 for each covered metropolitan area. FinCEN is also requiring that covered purchases using virtual currencies be reported. FinCEN also is dropping the confidentiality provision and removing GTO coverage for purchases by trusts. The extended GTOs run from Nov. 17 through May 15, 2019.

ALTA has developed several tools to help members comply with the order.

Contact ALTA at 202-296-3671 or