Menu

NYSAR News

Latest News

FinCEN expands target areas in New York City

Jul 28, 2016

The Financial Crimes Enforcement Network announced yesterday an expansion of their Geographic Targeting Orders (GTO) in an effort to identify situations where property purchases are being used in money-laundering schemes or to finance terrorism. FinCEN, which is part of the U.S. Treasury Department, issued a GTO for Manhattan earlier this year and has expanded it to include all New York City boroughs. The expansion also includes several other areas of the country.

The new rules temporarily require U.S. title insurance companies to identify the buyers behind shell companies who are paying all cash for high-end residential real estate in six major metropolitan areas. 

Click here to learn more.

Featured Content

New York first quarter statewide home sales strong 
despite slide from record pace

With 25,192 closed sales across the Empire state in the first quarter, the housing market posted a strong start to 2018, even as it fell short of 2017’s record. The first quarter 2018 statewide median sales price of $260,000 represented an increase of 7.4 percent from a year ago. Click here to read more.

NYSAR News