Tag Archive: "FinCEN"
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FinCEN Takes Action to Combat Money Laundering in Real Estate
The Financial Crimes Enforcement Network (FinCEN) has announced the renewal of its Geographic Targeting Orders (GTOs) which require U.S. title insurance companies to identify the natural persons behind shell companies used in non-financed purchases of residential real estate. FinCEN issued a notice of proposed anti-money laundering regulation in the residential real estate sector in February […]
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Beneficial Ownership Information Reporting
Effective January 1, 2024, many closely-held businesses in the United States will be required to report information about their beneficial owners, defined as individuals who ultimately own or control the company, to the Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of the Treasury. Entities subject to BOI reporting include a corporation, limited […]