US FinCEN Says To Include Real Estate Cryptocurrency Purchases In Geographic Targeting Orders (GTOs)

Real estate is one of the most recent industries to get involved with blockchain technology and even cryptocurrency. As such, it should come as no surprise that the Financial Crimes Enforcement Network (FinCEN) has taken note and decided to advice a former document called Geographic Targeting Orders (GTOs). The modified order will now include cryptocurrencies, according to a report from The Block.

Based on the details of the bill, it is meant to require U.S. title insurance companies to report complete information for the buyers, depending on the specific real estate transaction. The new changes implemented almost three weeks ago, includes cryptocurrencies as one of the listed methods of payment that must be noted for a purchase over $300,000. According to the official document, this type of reporting is required for the following areas:

  • Bexar, Tarrant, or Dallas counties (Texas)
  • Miami-Dade, Broward, or Palm Beach counties (Florida)
  • Boroughs of Brooklyn, Queens, Bronx, Staten Island, or Manhattan (NYC, New York)
  • San Diego, Los Angeles, San Francisco, San Mateo, or Santa Clara counties (California)
  • Honolulu (Hawaii)
  • Clark County (Nevada)
  • King County (Washington)
  • Suffolk or Middlesex counties (Massachusetts)
  • Cook County (Illinois)

The document orders, “If the Covered Business is involved in a Covered Transaction, then the Covered Business shall report the Covered Transaction to FinCEN by filing a FinCEN Currency Transaction Report, within 30 days of the closing of the Covered Transaction. Each Currency Transaction Report filed pursuant to this Order must be: (i) completed in accordance with the terms of this Order and the Currency Transaction Report instructions (when such terms conflict, the terms of this Order apply), and (ii) e-filed through the BSA E-Filing system.”

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