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Revised PRDS® AFGT per New Federal Requirement on Geographic Targeting Orders
Last week, the U.S. Treasury Financial Crimes Enforcement Network (FinCEN) 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 in all-cash purchases of residential real estate. The Order is effective as of Saturday, November 17, 2018. The purchase amount threshold, which previously varied by city, is now set at $300,000 for each covered metropolitan area, including San Francisco, San Mateo or Santa Clara counties. FinCEN is also requiring that covered purchases using virtual currencies be reported. Upon release of the new Order, the PRDS AFGT has been updated to reflect the requirements of the new Order and is live online on PRDS on Instanet.
Click here to read theFinCEN announcement.
Paul Cardus, RCE, CIPS, AHWD, Executive Officer
Silicon Valley Association of REALTORS®
19400 Stevens Creek Blvd., #100, Cupertino, CA 95014
