FinCEN Expands Geographic Targeting Order

Cynthia Belzl, Operations Officer

In the fight against money laundering and other financial crimes, The Financial Crimes Enforcement Network (FinCEN) has expanded the Geographic Targeting Order (“GTO”) which requires title companies to report information for Residential real estate transactions that meet certain criteria in the following five counties of California: Los AngelesSan DiegoSan FranciscoSan Mateo and Santa Clara. The Order is effective for transactions from August 28, 2016 to February 23, 2017.

Transactions covered under this Order are all-cash, residential transactions of $2,000,000 or more, purchased by an entity in those mentioned counties. If the transaction is a “Covered Transaction” then the filing of form 8300 is required.

  Please use the below link to read more information about this Order from FinCEN:

Additional resources to assist you regarding the Order:

·         Select GTO Order to obtain a PDF of the Order

·         To assist Escrow Agents in determining if the transaction is a “Covered Transaction” click CHECKLIST

·         Click FORM 8300 to obtain a PDF of the form to be reported to FinCEN if the transaction is a “Covered Transaction”