Regulations

6 new counties must report all-cash deals to FinCEN

The Financial Crimes Enforcement Network has expanded its LLC rules
  • FinCen, the United States Department of Treasury's Financial Crimes Enforcement Network, announced that its (temporary?) cash-buyer rule launched in March will be expanded to six new counties.
  • The counties are in Los Angeles, San Diego and San Francisco in California and also in San Antonio, Texas.

In January of this year, the federal government announced that title insurance companies in two metropolitan statistical areas (MSAs) -- Miami and New York -- would have to identify the individuals behind any limited liability corporations (LLCs) that were buying properties at certain price points with cash. Some experts predicted that this was a temporary move and that the period of investigation (which began March 1 and is supposed to wrap up August 27) would end when it was supposed to without any further action from the federal government. Well, here's some evidence that the government is serious about this issue: FinCEN, the United States Department of Treasury's Financial Crimes Enforcement Network, announced that this rule will be expanded to six new counties in a set of new geographic targeting orders (GTOs): Los Angeles County San Diego County Three counties comprising the San Francisco Bay Area The county including San Antonio, Texas The threshold for ...