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Bank Secrecy Act › Geographic Targeting Order

The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide... more +
The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide documentation to authorities for single transactions of more than $10,000 and report other suspicious account activity that could signify money laundering or other financial crimes. less -
Foodman CPAs & Advisors

Reporte Real Estate De FinCEN

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El 7 de febrero de 2024, FinCEN emitió un Aviso de Reglamentación Propuesta (NPRM) para combatir y disuadir el lavado de dinero en el sector inmobiliario residencial de EE. UU. mediante el aumento de la transparencia. FinCEN...more

Foodman CPAs & Advisors

Real Estate Report From FinCEN

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On February 07, 2024, FinCEN issued a Notice of Proposed Rulemaking (NPRM) to combat and deter money laundering in the U.S. residential real estate sector by increasing transparency. FinCEN is seeking to require certain...more

Morrison & Foerster LLP

FinCEN Proposes Expanding Residential Real Estate Anti-Money Laundering Rules

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On February 16, 2024, the Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking, which would require certain real estate professionals to report certain transaction information to FinCEN in...more

Holland & Knight LLP

FinCEN Proposal for Nonfinanced Purchases of Residential Real Estate and Gratuitous Transfers

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The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on Feb. 7, 2024, issued a Notice of Proposed Rulemaking (NPRM) proposing a new nationwide reporting obligation to be imposed on settlement...more

Troutman Pepper

FinCEN's Proposed New Rule to Increase Reporting Requirements in Residential Real Estate

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On February 7, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a new rule to increase reporting requirements for nonfinanced, entity-purchased residential real estate. FinCEN...more

Sherman & Howard L.L.C.

Financial Crimes Enforcement Network: U.S. Treasury is Monitoring Cash Residential Purchases

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Starting on April 25, 2023, and ending on October 21, 2023, the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN) is requiring disclosure of beneficial ownership of entities that purchase...more

Ballard Spahr LLP

Real Estate GTO Renewed and Expanded – Again

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FinCEN announced yesterday that, once again, it is extending the Geographic Targeting Order, or GTO, which requires U.S. title insurance companies to identify the natural persons behind so-called “shell companies” used in...more

Saiber LLC

Advance Notice of Proposed Rulemaking Issued by FinCEN for Potential New Real Estate Sector Reporting Requirements

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On December 8, 2021, the Federal Crimes Enforcement Network (“FinCEN”) division of the United States Treasury published an Advance Notice of Proposed Rulemaking (“ANPRM”) (Anti-Money Laundering Regulations for Real Estate...more

Ballard Spahr LLP

FinCEN Again Extends GTO Regarding Real Estate and Money Laundering

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Meanwhile, Congress Wants a Report on Russian Money Laundering and Its Relationship to the Real Estate Industry FinCEN announced today that, once again, it is extending the Geographic Targeting Order, or GTO, regarding...more

Ballard Spahr LLP

Investigative Journalists Lose FOIA Bid to Obtain GTO Info Reported to FinCEN

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Case Highlights Confidentiality of BSA Reporting and Continued Focus on Real Estate as Money Laundering Tool - The Northern District of California granted summary judgment to the Financial Crimes Enforcement Network...more

Ballard Spahr LLP

FinCEN Stresses Transparency, BSA Filing Data, and Perils of “Under- Regulating” to Securities Industry

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Last Thursday, FinCEN Deputy Director Jamal El-Hindi appeared at the 20th annual Anti-Money Laundering (AML) and Financial Crimes Conference hosted by the Securities Industry and Financial Markets Association (SIFMA) in New...more

Ballard Spahr LLP

Filling Gaps: Defending American Security from Kremlin Aggression Act of 2019 Would Expand Use of Geographic Targeting Orders

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“Sanctions Bill from Hell” Targets Real Estate Deals - On February 13, 2019, Sen. Lindsay Graham (R – S.C.) introduced S.482 – the Defending American Security from Kremlin Aggression Act of 2019 (“DASKAA”), a bill intended...more

Ballard Spahr LLP

More on AML Reform: Artificial Intelligence, Beneficial Ownership and Real Estate

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Second Post in a Two-Part Series - In our first post in this series, we described how the U.S. Senate Committee on Banking, Housing, and Urban Affairs (the “Banking Committee”) met in open session late last week to conduct a...more

Ballard Spahr LLP

Manafort Indictment Alleges High-End International Money Laundering and Tax Fraud Involving Offshore Accounts

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As the world now knows, an indictment against Paul Manafort, Jr., a former campaign chairperson for now-President Donald Trump, and Manafort’s associate, Richard Gates III, was unsealed yesterday. ...more

Foodman CPAs & Advisors

New GTO covers Wire Transfers

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On August 22, 2017, FinCEN (Financial Crimes Enforcement Network) published a new Advisory regarding Geographic Targeting Orders (GTOs) covering residential real estate transactions in certain counties or boroughs of New...more

Fox Rothschild LLP

Complying With FinCEN’s Revised GTOs: What Real Estate Professionals Need To Know About Anti-Money Laundering

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This article is Part II of a series in which we address the U.S. government’s attempts to combat money laundering in real estate transactions....more

Fox Rothschild LLP

FinCEN Reveals That Geographic Targeting Orders Are Generating Meaningful Intelligence Leading To Money Laundering Prosecutions

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In a press release touting recent law enforcement success stories based upon Bank Secrecy Act reporting by financial institutions, the Treasury Department’s Financial Crimes Enforcement Network revealed publicly for the first...more

Ballard Spahr LLP

2016 Year in Review: Money Laundering (Part One)

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2016 was a busy year for developments in Anti-Money Laundering (AML), the Bank Secrecy Act (BSA), the criminal money laundering statutes, forfeiture, and related issues. In part one of our year-in-review, we discuss six key...more

A&O Shearman

US Financial Crimes Enforcement Network Deputy Director El-Hindi Addresses New Customer Due Diligence Rule and Beneficial...

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As part of his remarks at the Institute of International Bankers Annual Anti-Money Laundering Seminar, US Financial Crimes Enforcement Network Deputy Director Jamal El-Hindi discussed certain US Department of Treasury efforts...more

Blank Rome LLP

Foundation: April 2016 • V Ol. III, Issue 1

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In yet another sign of its aggressive campaign to fight money laundering, the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) has trained its sights on the high-end real estate market in New York and...more

McGuireWoods LLP

FinCEN Imposes New Reporting Requirements on New York and Miami Real Estate Markets

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The Financial Crimes Enforcement Network (FinCEN) recently announced two geographic targeting orders (GTOs) imposing new reporting and recordkeeping requirements on title insurance companies operating in New York City and...more

Blank Rome LLP

FinCEN Renews South Florida Geographic Targeting Order

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The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has announced that it is extending its Geographic Targeting Order (GTO) focused on trade-based money laundering schemes in South Florida. When the GTO...more

Blank Rome LLP

FinCEN Renews and Broadens GTOs on Border Cash Shipments in California and Texas

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Continuing its aggressive use of Geographic Targeting Orders (GTOs) to fight money laundering, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced on July 7 that it was renewing a GTO in Southern...more

Blank Rome LLP

Latest GTO Reflects FinCEN’s Aggressive Approach to Anti-Money Laundering

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On April 21, 2015, the Treasury Department’s Financial Crimes Enforcement Network issued a geographic targeting order, an anti-money laundering device focused on trade-based money laundering schemes used by drug cartels,...more

Blank Rome LLP

Display of FinCEN’s Aggressive Anti-Laundering Approach

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On April 21, 2015, the Treasury Department’s Financial Crimes Enforcement Network issued a geographic targeting order, an anti-money laundering device focused on trade-based money laundering schemes used by drug cartels,...more

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