Overview
FinCEN Will Require Identification of Natural Persons Behind Companies for High-End Cash Buyers in Manhattan and Miami: Today the Financial Crimes Enforcement Network (FinCEN) issued Geographic Targeting Orders (GTOs) that will temporarily require certain U.S. title insurance companies to identify the natural persons behind companies used to pay “all cash” for high-end residential real estate in the Borough of Manhattan in New York City, New York, and Miami-Dade County, Florida. The information gathered from the GTOs will be made available to law enforcement investigators as part of FinCEN’s database and is expected to advance law enforcement’s ability to identify the natural persons involved in transactions vulnerable to abuse for money laundering.
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