U.S. Treasury Order Affects Title Companies in Bexar, Tarrant or Dallas Counties
Requirements went into effect Aug. 28, 2016 and were updated Nov. 17. The order has been extended through May 15, 2019.
In an effort to identify money-laundering schemes, the U.S. Treasury Department Financial Crimes Enforcement Network (FinCEN) has issued an updated Geographic Targeting Order (GTO)
requiring all title insurance companies to identify and report the name of any natural individual who has an ownership stake greater than 25% in a corporation, LLC or other legal entity that makes all-cash or cryptocurrency purchases for residential real estate $300,000 or greater. In Texas, these reporting requirements are limited to transactions occurring in Bexar, Tarrant or Dallas counties.
GTO Details (updated Nov. 5, 2018)
FinCEN Press Release re: Revised GTO
Geographic Targeting Order (GTO)
FinCEN Frequently Asked Questions (FAQs)
ALTA Article Regarding FinCEN’s Revised GTO