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 Borough of Manhattan in New York City, New York, and Miami-Dade County, Florida. FinCEN is concerned that all-cash purchases might be conducted by individuals trying to hide their assets and identity by buying residential properties through limited liability companies (LLCs)or other opaque structures. To collect information about this potential money laundering vulnerability, FinCEN is requiring certain title insurance companies to identify and report the true “beneficial owner” behind a legal entity involved in these types of real estate transactions.
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Jeff Sorg is a co-founder of OnlineEd®, a Web-based vocational school founded in 1997 where he also serves as Corporate Secretary, Chief Operating Officer, and School Director. Sorg holds vocational instructor licenses in Oregon, Washington, California, and Nevada and has authored numerous pre-licensing and continuing education courses. Sorg was awarded the International Distance Education Certification Center’s CDEi Designation for distance education in 2008-2018.
OnlineEd® provides real estate, mortgage broker, insurance, and contractor pre-license, post-license, continuing education, career enhancement, and professional development and designation courses over the Internet.