The federal Financial Crimes Enforcement Network (FinCEN) has renewed its Geographic Targeting Orders (GTOs) that requires US title insurance companies to identify the individuals behind shell companies used in non-financed purchases of residential real estate.
The terms of the GTOs are effective beginning April 15 and ending Oct. 9. The purchase price threshold remains $300,000 for each covered metropolitan area, except for the City and County of Baltimore where the purchase price threshold is $50,000.
“The GTOs continue to provide valuable data on the purchase of residential real estate by persons possibly involved in various illicit enterprises,” said FinCEN in a statement. “Renewing the GTOs will further assist in tracking illicit funds and other criminal or illicit activity. FinCEN renewed the GTOs that cover certain counties and major US metropolitan areas in California, Colorado, Connecticut, Florida, Hawaii, Illinois, Maryland, Massachusetts, Nevada, New York, Texas, Washington, Virginia, and the District of Columbia. No changes have been made to jurisdictional coverage since the last issuance of these GTOs.”
