The Financial Crimes Enforcement Network (FinCEN) announced the revision of its Geographic Targeting Orders (GTO) Tuesday. The GTO requires title insurers to report beneficial ownership information on legal entities, including shell companies, used to purchase high-end residential real estate in targeted metropolitan areas. It expanded the geographic regions covered to include the City and County of Honolulu, Hawaii and a broader range of transactions, including those involving wire transfers. The changes go into effect September 22, 2017.
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