February 23, 2017
Advantage Title: Industry Bulletin 2017-02
Geographic Targeting Order - Effective February 24, 2017
As detailed in Industry Bulletin 2016-01 and Industry Bulletin 2016-02, the United States Treasury Department’s Financial Crimes Enforcement Network issued Geographic Targeting Orders (“GTO”) requiring “…U.S. title insurance companies to identify the natural persons behind companies used to pay ‘all cash’ for high-end residential real estate…” located in the Boroughs of New York City and designated counties in numerous states. The prior GTO, scheduled to expire on February 23, 2017, has been extended by a new Order to cover closings taking place between February 24, 2017 and August 22, 2017. There is no change in any respect to the provisions or conditions of the prior GTO. Please refer to Industry Bulletin 2016-02 for details regarding the prior GTO.
Please contact Drew Steigler, Chief Underwriting Counsel, at
631.424.6100 or firstname.lastname@example.org
with any questions concerning this Bulletin.
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