The Financial Crimes Enforcement Network (“FinCEN”) has renewed the Geographical Targeting Order (“Order”) dated November 17, 2018 which requires U.S. title insurance companies to collect and report information about persons involved in “covered” real estate transactions located within certain U.S. metropolitan areas. The new Order period is effective beginning on May 16, 2019 and runs through November 11, 2019.
All other procedures and requirements as set forth in the previous memo remain in effect.
As a reminder, NITIC will handle the reporting of all Covered Transactions for agents and subsidiaries. Should you have any questions regarding this memorandum or older memorandum related to this topic, please immediately contact Teresa Frost, CTIP at 877-256-8098.
