The Financial Crimes Enforcement Network (FinCEN) issued an updated Geographic Targeting Order (GTO) effective beginning on May 5, 2021 until October 31, 2021. The GTO requires title companies to collect and report information for the natural persons behind shell companies purchasing residential real estate using all-cash in certain cities in the U.S. The GTO covers residential real estate transactions for $300k or more made without a bank loan or other similar financing.
The GTO covers the following metropolitan cities: Boston, Chicago, Dallas-Fort Worth, Honolulu, Las Vegas, Los Angeles, Miami, New York City, San Antonio, San Diego, San Francisco, and Seattle.
The Geographic Targeting Orders are able to assist law enforcement and regulators with tracking financial illicit crimes and funds.
For additional information, please visit NAR's Money Laundering and Terrorism Financing topic page at nar.realtor/money-laundering-and-terrorism-financing.