The order to name actual corporation owners if buying real estate in S. Fla. (Miami-Dade, Broward, Palm Beach) and other metros was extended to April 24, 2023.
WASHINGTON – The Financial Crimes Enforcement Network (FinCEN) announced another renewal and expansion of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in non-financed purchases of residential real estate.
In Florida, the order directly impacts three counties, Miami-Dade, Broward and Palm Beach. The order includes information on how it impacts cash real estate transactions.
“Renewing the GTOs will further assist in tracking illicit funds and other criminal or illicit activity, as well as inform FinCEN’s future regulatory efforts in this sector,” the U.S. Department of the Treasury said in a statement announcing the extension.
In addition to cities and counties already covered by the regulation, FinCEN expanded the geographic coverage to two more Texas counties that include the cities of Houston and Laredo.
U.S. metros under the FinCEN GTO order
- Texas counties: Bexar, Tarrant, Dallas, Harris, Montgomery, Webb
- Florida counties: Miami-Dade, Broward, Palm Beach;
- Boroughs of Brooklyn, Queens, Bronx, Staten Island, Manhattan in New York City
- California counties: San Diego, Los Angeles, San Francisco, San Mateo, Santa Clara
- Hawaii counties: Hawaii, Maui, Kauai, Honolulu or the City of Honolulu
- Nevada County: Clark
- Washington County: King
- Massachusetts counties: Suffolk, Middlesex
- Illinois County: Cook
- Maryland counties: Montgomery, Anne Arundel, Prince George’s, Howard
- Virginia counties: Arlington, Fairfax, or the cities of Alexandria, Falls Church or Fairfax
- Connecticut County: Fairfield
- The District of Columbia
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