The Washington Report

This week, the Acting Director for the Financial Crimes Enforcement Network (FinCEN), Him Das testified before the U.S. House of Representatives Committee on Financial Services. In his remarks, he mentioned Congress’ work to modernize the AML/CFT regime by enacting the Anti-Money Laundering Act of 2020 (AML Act), which included the Corporate Transparency Act (CTA) of 2020, which required FinCEN to develop rules regarding the collection of beneficial ownership information for owners of certain types of companies doing business in the U.S. He also highlighted FinCEN’s key priorities, which include data protection, building an enhanced AML/CFT framework, and greater accountability through enforcement.

NAR continues to track anti-money laundering matters and will continue to keep you posted regarding key updates. 

The Financial Crimes Enforcement Network (FinCEN) recently renewed and expanded its Geographic Targeting Order (GTO)requiring title companies to identify natural persons behind shell companies used in all-cash purchases of residential real estate. The GTOs since inception have focused on non-financed, residential real estate transactions in certain markets. The current GTO is effective April 25, 2023, until October 21, 2023.  The current order has been expanded to include new jurisdictions including counties in Colorado-- Adams, Arapahoe, Clear Creek, Denver, Douglas, Eagle, Elbert, El Paso, Fremont, Jefferson, Mesa, Pitkin, Pueblo, or Summit, and Litchfield County, in Connecticut. 

NAR will continue to monitor anti-money laundering and counter terrorist financing matters, and will continue to provide updates.