The Financial Crimes Enforcement Network (FinCEN) continues its initiative to track illicit funds linked to criminal activities by renewing Geographic Targeting Orders (GTOs) across 14 jurisdictions. These orders provide insight into real estate market exploitation by bad actors, setting a purchase price threshold at $300,000 for most areas, with variations like $50,000 in Baltimore. Enforcement of the beneficial ownership information reporting rule will be paused, relieving potential penalties for non-compliance. This ongoing collaboration with title insurance firms and the American Land Title Association is crucial for maintaining transparency and preventing abuse in the market.
FinCEN's efforts emphasize the importance of scrutiny in real estate transactions, targeting specific regions and monetary thresholds, such as the $300,000 threshold in most areas.
The cooperation of title insurance firms and the American Land Title Association is critical in curbing real estate market abuses linked to illicit actors, as noted by FinCEN.
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