US Treasury Renews Disclosure Bill for Property Purchases in Main Cities

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FinCEN The US Treasury’s (Financial Crimes Enforcement Network) has officially renewed provisional court orders that require US-based title insurance companies to identify the beneficial owners of companies that were involved in any all-cash purchases or transfers that ultimately went on to purchase or be used as collateral for residential real estate exceeding USD $300,000.

The geographic targeting orders, which apply to many of the districts in San Francisco, New York City, Boston, Chicago, , Las Vegas, Los Angeles, Miami, San Diego, Seattle, and Dallas-Fort Worth were implemented 3 years ago in 2016 as an emergency measure and has been prolonged three times so far.