geographic-targeting-orders-must-now-include-crypto-according-to-fincen

New requirements, called a geographic targeting order (“GTOs”), lower the cash threshold and add more metropolitan areas. The new changes include cryptocurrencies as one of the listed methods of payment. As of November 15 2018, the order requires title-insurance companies to file reports to the federal government on “all-cash purchases” through limited liability companies of $300,000 or more of residential property in 12 metropolitan areas. Previously, the value threshold had varied by city and the program covered seven cities, as well as some surrounding counties.

“Reissuing the [geographic targeting orders] will further assist in tracking illicit funds and other criminal or illicit activity, as well as inform [Treasury’s] future regulatory efforts in this sector,” the Treasury said in a statement.

The new order covers purchases made, at least in part, using cash or a cashier’s check, certified check, traveler’s check, personal check, business check, money order, funds transfer or virtual currency. It involves deals made in the metropolitan areas of Boston, Chicago, Dallas-Fort Worth, Honolulu, Las Vegas, Los Angeles, Miami, New York, San Antonio, San Diego, San Francisco and Seattle.

After the program first went into effect, all-cash purchases by companies dropped nationally by about 70%, even in areas not subject to the requirements.
https://www.fincen.gov/news/news-releases/fincen-reissues-real-estate-geographic-targeting-orders-and-expands-coverage-12

https://bitcoinexchangeguide.com/us-fincen-says-to-include-real-estate-cryptocurrency-purchases-in-geographic-targeting-orders-gtos/

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