The Financial Crimes Enforcement Network today announced the renewal and expansion of its geographic targeting orders that require U.S. title insurance companies to identify the natural persons behind companies used in non-financed purchases of residential real estate. The terms of the GTOs are effective beginning Oct. 22 and ending on April 18, 2024.
FinCEN renewed the GTOs that cover certain counties within the following major U.S. metropolitan areas: Boston; Chicago; Dallas-Fort Worth; Houston; Laredo, Texas; Las Vegas; Los Angeles; Miami; New York City; San Antonio; San Diego; San Francisco; Seattle; Denver; the District of Columbia, Maryland and Northern Virginia area; as well as the city and county of Baltimore, the counties of Fairfield and Litchfield, Connecticut, and the Hawaiian islands of Honolulu, Maui, Hawaii and Kauai. The agency expanded the geographic coverage of the GTOs to the counties of Bristol, Essex, Norfolk and Plymouth in Massachusetts; the counties of Hillsborough, Pasco, Pinellas, Manatee, Sarasota, Charlotte, Lee and Collier in Florida; and the county of Travis in Texas.
The effective period of the GTOs for purchases in the newly added areas begins Nov. 21. 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.
