Update: FinCEN Reissues Revised Regulations Aimed at Discovering and Preventing Money Laundering

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Update: FinCEN Reissues Revised Regulations Aimed at Discovering and Preventing Money Laundering

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Brett Cooper, Marina Rabinovich

The Financial Crimes Enforcement Network (FinCEN) reissued its Geographic Targeting Order (GTO) last week, which is effective from November 12, 2019 to May 9, 2020. The reissued GTO eliminates reporting requirements for businesses regulated by the Securities and Exchange Commission (SEC), a self-regulatory organization registered with the SEC, or an entity solely owned by such business, because real estate purchases by such entities are identifiable through other business filings. Otherwise, the terms of the reissued GTO are identical to the GTO issued by FinCEN in May 2019, with the purchase amount threshold of $300,000 and the metropolitan areas covered by the GTO remaining the same.

For a more in-depth explanation of GTOs, click here.

For a copy of the November 8, 2019 GTO, click here.