treasury

U.S. Treasury Expands GTO to 12 Metropolitan Areas and Lowers Reporting Threshold to $300,000

Saturday, December 1, 2018
Author: 
Bruce Zagaris
Volume: 
34
Issue: 
12
Abstract: 
On November 15, 2018, the U.S. Department of Treasury Financial Crimes Enforcement Network (FinCEN) announced the issuance of revised Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate. The purchase amount threshold, which previously varied by city, is now set at $300,000 for each covered metropolitan area.  FinCEN is also requiring that covered purchases using virtual currencies be reported.
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