Tag Archives: fincen

Financial Crimes Enforcement Targets Shell Companies Purchasing Luxury Properties

Geographic Targeting Orders expanded to include Honolulu, Hawaii  OnlineEd Blog (August 23, 2017) (WASHINGTON, Aug. 22, 2017/FinCEN) The Financial Crimes Enforcement Network (FinCEN) today announced the issuance of revised Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used to pay for high-end residential real estate in seven […]

FinCEN Renews “Geographic Targeting Orders” to Identify High-End Cash Buyers in Six Metros

FinCEN is covering title insurance companies because title insurance is a common feature in the vast majority of real estate transactions. OnlineEd Blog (March 1, 2017) –  WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the renewal of existing Geographic Targeting Orders (GTO) that temporarily require U.S. title insurance companies to identify the natural persons behind […]

FinCEN Penalizes California Bank for Egregious Violations of Anti-Money Laundering Laws

Merchants failed to establish and implement an adequate anti-money laundering (AML) program OnlineEd Blog (February 28, 2017) – WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the assessment of a $7 million civil money penalty (CMP) against Merchants Bank of California of Carson, CA for willful violations of several provisions of the Bank Secrecy Act (BSA). The Office […]

FinCEN Expands Reach of Real Estate “Geographic Targeting Orders” for Title Insurance Companies

Geographic Target Orders are Helping Identify Unlawful Cash Purchases of Real Estate By Jeff Sorg, OnlineEd Blog (July 28, 2016) – Geographic Targeting Orders (GTO) that will temporarily require U.S. title insurance companies to identify the natural persons behind shell companies used to pay “all cash” for high-end residential real estate in six major metropolitan areas. FinCEN […]

Financial Crimes Enforcement Network Orders Title Companies to Identify Cash Buyers

Geographic targeting orders take aim at real estate secrecy in Manhattan and Miami By Jeff Sorg, OnlineEd Blog (January 14, 2016) – The Financial Crimes Enforcement Network (FinCEN) has issued Geographic Targeting Orders (GTO) to require certain title insurance companies to identify the natural persons behind companies used to pay all cash for high-end residential real estate in the […]

The CFPB is the New Sheriff in Town … Ready for a Visit?

(OnlineEd – September 26, 2012) Compliance management requirements for all non-banks have reached a new level with the new Consumer Financial Protection Bureau (CFPB) Examination Manual. According to the CFPB’s Web site: “The CFPB’s approach to non-bank examination will be the same as its approach to bank examination. It may include a combination of any of the following tools: requiring nonbanks to file certain […]

Free Anti-Money Laundering Compliance Handbook for AML, BSA, and SARs

(OnlineEd® – InlineEd) – Are you confused by FinCEN’s new Anti-Money Laundering compliance requirements? Don’t be! OnlineEd® is providing a free guidebook that explains all the details of the required training ,  record keeping requirements, policies, and requirements for Compliance Officer registration. Get Your PDF Version of the OnlineEd Anti-Money Laundering Compliance Handbook here. Mortgage […]

How to Comply with Anti-Money Laundering Training Requirements

(OnlineEd®, InlineEd) – Residential mortgage lenders take note: The August 13, 2012 deadline for compliance with the new anti-money laundering (AML) and suspicious activity report (SAR) final rule is fast approaching. In A Nutshell This new expanded regulation applies to every single non-bank mortgage brokerage and mortgage lending company, regardless of size. The mandatory compliance […]