Real Estate Geographic Targeting Orders

The Financial Crimes Enforcement Network (FinCEN) announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate.  These renewed GTOs are identical to the May 2020 GTOs.  The purchase amount threshold remains $300,000 for each covered metropolitan area. The terms of … Read More

Unemployment Insurance Fraud

The Financial Crimes Enforcement Network (FinCEN) issued advisory FIN-2020-A007, Advisory on Unemployment Insurance Fraud During the Coronavirus Disease 2019 (COVID-19) Pandemic.  The advisory was issued to alert financial institutions to unemployment insurance (UI) fraud observed during the COVID-19 pandemic.  The advisory includes descriptions of COVID-19-related UI fraud, associated financial red flag indicators, and information on reporting suspicious activity. Financial red … Read More