US firms will now have to identify the persons behind shell companies used in non-financed purchases of residential real estate.
This is part of the Financial Crimes Enforcement Network’s (FinCEN) renewal and expansion of its Geographic Targeting Orders (GTOs).
The terms of the GTOs are effective from October 27 2022 to April 24 2023.
FinCEN believes renewing the GTOs will help with tracking illicit funds and other criminal or illicit activ...
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