The Financial Crimes Enforcement Network today announced the renewal of its geographic targeting orders that require 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 beginning April 19 and ending on Oct. 15.
FinCEN renewed the GTOs that cover certain counties and major U.S. metropolitan areas in California, Colorado, Connecticut, Florida, Hawaii, Illinois, Maryland, Massachusetts, Nevada, New York, Texas, Washington, Virgina and the District of Columbia. 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.
