FinCEN Reissues Real Estate GTOs for Bexar, Dallas and Tarrant Counties
U.S. title insurance companies required to identify the natural persons behind shell companies used in all-cash purchases of residential real estate in 12 Metro Areas Nationwide
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 the natural persons behind shell companies used in all-cash purchases of real estate. The purchase amount threshold remains $300,000 for each covered metropolitan area. In Texas, these reporting requirements are limited to transactions occurring in Bexar, Tarrant or Dallas counties.
The requirements went into effect Aug. 28, 2016 and were updated effective May 16, 2019. The order has been extended through Nov. 11, 2019.
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