The Financial Crimes Enforcement Network today renewed and expanded its geographic targeting orders requiring U.S. title insurance companies in specified areas to identify the individuals behind companies used to conduct high-end, all-cash real estate transactions. The orders are effective April 25-Oct. 21.
FinCEN renewed orders covering Bexar, Tarrant, Dallas, Harris, Montgomery and Webb counties in Texas; Miami-Dade, Broward and Palm Beach counties in Florida; all boroughs of New York City; San Diego, Los Angeles, San Francisco, San Mateo and Santa Clara counties in California; Hawaii, Maui, Kauai and Honolulu County in Hawaii; Clark County in Nevada; King County in Washington; Suffolk and Middlesex counties in Massachusetts; Cook County in Illinois; Anne Arundel, Baltimore, Howard, Montgomery and Prince George’s; Arlington and Fairfax counties plus Alexandria, Falls Church and Fairfax cities in Virginia; and the District of Columbia.
FinCEN also expanded the geographic coverage of the GTOs to Litchfield County in Connecticut and Adams, Arapahoe, Clear Creek, Denver, Douglas, Eagle, Elbert, El Paso, Fremont, Jefferson, Mesa, Pitkin, Pueblo and Summit counties in Colorado. The effective period of the GTOs for purchases in these newly added areas begins on May 24. The purchase amount threshold remains $300,000 for each covered metropolitan area, with the exception of the city and county of Baltimore, where the purchase threshold is $50,000.
