FinCEN Renews Geographic Targeting Orders

FinCEN renewed its Geographic Targeting Order ("GTOs") requiring U.S. title insurance companies to collect and report beneficial ownership information for certain residential real estate purchases.

FinCEN renewed the GTOs in California, Colorado, Connecticut, Florida, Hawaii, Illinois, Maryland, Massachusetts, Nevada, New York, Texas, Washington, Virginia and the District of Columbia. The renewed GTOs will be effective until October 15, 2024.

The purchase amount threshold remains unchanged at $300,000, except for Baltimore, where the purchase threshold is $50,000.

In a press release, FinCEN said the renewal of the GTOs was necessary as it continues to consider comments on its February 2024 proposed rulemaking for an anti-money laundering regulation in the residential real estate sector.