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)

Resources

ALTA Article Regarding FinCEN’s Revised GTO

This information is being provided by TLTA for educational and reference purposes only, and is not intended to represent the only approach to any particular issue. This information should not be construed as legal, financial or business advice from or on behalf of TLTA, and users should consult their own legal counsel and subject-matter experts to ensure that any policies adopted or actions taken meet the requirements unique to their company.