April 10, 2016
New targeting orders from the Financial Crimes Enforcement Network (FinCEN) took effect beginning March 1st. These measures, aimed at fighting money laundering schemes by identifying individuals behind purchasing entities such as corporations, will affect which data certain Title Insurance companies must report to the government. The changes will be required for most purchases of Manhattan Real Estate by certain types of legal entities, such as corporations and LLCs, when the purchase price exceeds $3 million.
For more detailed info, please visit the FinCEN website.