Tag Archives: money laundering

Important Information for New York State Buyers AND Sellers of Residential Real Estate Held by an LLC!

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Title Insurance Companies Have Been Mandated by an Amendment to a New York State Law, to Determine the Actual LLC Owners in ANY Residential Real Estate Transaction For Both the Buyer and the Seller, Regardless of Price or Locality! Residential real estate: One to Four Family Dwelling Summary (Courtesy of NYSLTA): New Law Requires Full Disclosure […]

What Impact Has GTO, FinCEN’s Anti-Money Laundering Geographic Targeting Orders, Had On The Luxury Residential Real Estate Market?

In 2016 the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN) implemented its Geographic Targeting Orders, or GTO (January 2016 announcement here)! What was the purpose of this 2016 reporting rule that required title insurance companies in specific high-end residential real estate markets around the United States, to drill down and find who the […]

FinCEN Disclosures (Geographic Targeting Orders) For Cash Real Estate Transactions Expanded!

August 12th Hallmark Abstract Service examined the unintended consequences that resulted from the government edict intended to address one issue while impacting another one! The article titled ‘New York City Real Estate, Government Edicts And The Inevitable Unintended Consequences!‘ looked at the result from the requirement for title insurance company’s to disclose the actual buyer […]

New York City Real Estate, Government Edicts And The Inevitable Unintended Consequences!

Most if not all of us have heard the phrase that ‘the road to hell is paved with good intentions’! Given that, is it also a sad truth that many government policies once implemented, have unintended consequences the majority of which seem to be more painful than helpful for the masses? For the sake of this argument and […]

Feds To Track High-End, All-Cash Real Estate Transactions In Manhattan And Miami!

The US Treasury Departments Financial Crimes Enforcement Network (FinCEN) to begin tracking high-end real estate sales! FinCEN Takes Aim at Real Estate Secrecy in Manhattan and Miami “Geographic Targeting Orders” Require Identification for High–End Cash Buyers WASHINGTON – The Financial Crimes Enforcement Network (FinCEN) today issued Geographic Targeting Orders (GTO) that will temporarily require certain U.S. […]