News & Analysis as of September 20, 2024

Virtual Currency › Title Insurance

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

FinCEN Renews Real Estate GTOs

Ballard Spahr LLP on 5/13/2020

As expected, on May 8, 2020, the Financial Crimes Enforcement Network (“FinCEN”) reissued its Geographic Targeting Orders (“GTOs”) requiring U.S. title insurance companies to identify the natural persons behind legal entities...more

Treasury Report Targets Money Laundering Risks in Real Estate and Gatekeeper Professions

Ballard Spahr LLP on 3/5/2020

In its 2020 National Strategy for Combating Terrorist and Other Illicit Financing (“2020 Strategy”), the U.S. Department of Treasury (“Treasury”) has laid out its AML and money laundering enforcement priorities. Last week, we...more

FinCEN Renews GTOs

Ballard Spahr LLP on 11/11/2019

On November 8, 2019, the Financial Crimes Enforcement Network (“FinCEN”) reissued its Geographic Targeting Orders (“GTOs”) requiring U.S. title insurance companies to identify the natural persons behind legal entities used in...more

Residential Real Property Purchased with Virtual Currency must be Reported

Foodman CPAs & Advisors on 3/25/2019

On November 15, 2018, the Financial Crimes Enforcement Network (FinCEN) announced the issuance of a “Revised” Geographic Targeting Order (GTO) that requires U.S. title insurance companies (Covered Business) to identify the...more

FinCEN Renews Real Estate GTOs: Expanded Geographic Coverage and Reduced Monetary Thresholds

Ballard Spahr LLP on 11/20/2018

The Financial Crimes Enforcement Network (“FINCEN”) announced on November 15 that it has renewed and revised its Geographic Targeting Orders (“GTOs”) that require U.S. title insurance companies to identify the natural persons...more

Blockchain: The Impact on the Real Estate Industry

Pillsbury Winthrop Shaw Pittman LLP on 12/28/2016

By changing the way that information is digitally stored and exchanged, blockchain technology will alter the way real estate is recorded, transferred, financed and managed globally. Bitcoin, the popular virtual currency...more

Can New Beneficial Owner Identification Requirement for Cash-Only Real Estate Deals in Miami and New York City Be Avoided if...

Manatt, Phelps & Phillips, LLP on 2/9/2016

Why it matters - After years of concern about money laundering through shell corporations, repeated legislative and regulatory efforts to gain more information on beneficial owners of entities involved in various types...more

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