FinCEN Geographic Targeting Order Update
The Financial Crimes Enforcement Network (FinCEN) has renewed of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind residential real properties acquired by entities without conventional financing. These renewed GTOs are identical to the May 2020 GTOs. The purchase amount threshold remains $300,000 for each covered metropolitan area.
The terms of this Order became effective November 6, 2020 and continue through May 4, 2021. Per FinCEN, GTOs continue to provide valuable data on the purchase of residential real estate by persons possibly involved in various illicit enterprises. Reissuing the GTOs will further assist in tracking illicit funds and other criminal or illicit activity, as well as inform FinCEN’s future regulatory efforts in this sector.
The current GTOs cover certain counties within the following metropolitan areas: Boston; Chicago; Dallas-Fort Worth; Honolulu; Las Vegas; Los Angeles; Miami; New York City; San Antonio; San Diego; San Francisco; and Seattle. For California specifically, the GTOs cover San Diego, Los Angeles, San Francisco, San Mateo and Santa Clara Counties.