[Reported today by ALTA]

On Oct. 29, the Financial Crimes Enforcement Network (FinCEN) announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to collect and report beneficial ownership information for certain residential real estate purchases.

The purchase amount threshold remains $300,000 for each covered metropolitan area, including certain counties within Boston, Chicago, Dallas-Fort Worth, Honolulu, Las Vegas, Los Angeles, Miami, New York City, San Antonio, San Diego, San Francisco and Seattle.

The GTO is effective through April 29, 2022.

We have updated the information page about the US Treasury GTO effective August 28.

The page is located in the main navigation tab GOVERNMENT > FEDERAL GOVERNMENT > US TREASURY GTO

You can find it here:

https://nyslta.site-ym.com/page/FinCENGTOAug2016

In addition to helpful information, we have added a sample Form 8300 and a link to the webinar recording of Aug 19 presented by CLTA & ALTA.

A Member inquired about the US Treasury's jurisdiction over NY State licensed title agents.

This question may have occurred to you, as well.

Here is the response as issued by ALTA:

FinCEN’s authority comes from the Currency and Financial Transactions Reporting Act of 1970, as amended by Title III of the USA PATRIOT Act of 2001 and other legislation. This legislative framework is commonly referred to as the "Bank Secrecy Act" (BSA).

The Bank Secrecy Act (BSA) is the primary U.S. anti-money laundering (AML) law and tool for detecting, deterring and disrupting terrorist financing networks. The BSA authorizes the Secretary of the Treasury to issue regulations requiring banks and other financial institutions to take a number of precautions against financial crime, including the establishment of anti money laundering programs and the filing of reports that have been determined to have a high degree of usefulness in criminal, tax, and regulatory investigations and proceedings, and certain intelligence and counter-terrorism matters. See 31 U.S.C. 310 .

Information necessary for completing a form 8300, Suspicious Activity Report or other Bank Secrecy Act reporting requirement cannot be withheld from the government due to attorney-client privilege. See United States v. Goldberger & Dublin, P.C., 935 F.2d 501 (2nd Cir. 1991), holding that absent special circumstances, attorneys were required to disclose client information on Forms 8300. See also United States v. Leventhal, 961 F.2d 936 (11th Cir. 1992) state bar ethical rules do not constitute a “special circumstance” that would protect this clients names and fee arrangements from disclosure.