FinCEN Renews High-End Cash Buyer Rule
FinCEN is liking its Geographic Targeting Orders (GTO) that temporarily require U.S. title insurance companies to identify the natural persons behind shell companies used to pay “all cash” for high-end residential real estate in six major metropolitan areas. FinCEN has found that about 30% of the transactions covered by the GTOs involve a beneficial owner or purchaser representative that is also the subject of a previous suspicious activity report. FinCEN is renewing its temporary order in those six major metropolitan areas. [2/24/17]
