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FinCEN Targets Money Laundering in Real Estate Transactions

In Anti Money Laundering, Bank Secrecy Act by Jason B. Freeman1 Comment

The Financial Crimes Enforcement Network (FinCEN) just announced revised Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies that are used to purchase high-end residential real estate in targeted transactions.  The Orders apply to seven specifically designated metropolitan areas.  A GTO is an order issued by FinCEN under the Bank Secrecy Act that …

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FinCEN’s Bank Secrecy Act/Anti-Money Laundering Rules Drive Compliance with FATCA

In Anti Money Laundering, Bank Secrecy Act by Jason B. FreemanLeave a Comment

Earlier this year, the Financial Crimes Enforcement Network (FinCEN) published new rules that strengthen customer due diligence (CDD) requirements for banks, brokers or dealers in securities, mutual funds, and futures commission merchants and introducing brokers in commodities (collectively, so-called, Covered Financial Institutions).  The new rules, which go into effect May 11, 2018, place new due diligence obligations on covered financial …