• US Government Expands Effort to Penetrate Secrecy In Residential Transactions Across NYC, Other Gateway Cities
  • August 17, 2016 | Authors: Michael W. Galligan; Marc A. Landis; Tiberio Schwartz
  • Law Firm: Phillips Nizer LLP - New York Office
  • In January of 2016, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) has ordered certain title insurance companies to identify the individuals behind the purchase of residential real estate in Manhattan (New York County, New York) and Miami-Dade County, Florida and to report this information to FinCEN to be retained in its database. At that time, we projected that FinCEN would extend its orders beyond the initial 180 day period, and to cover additional metropolitan areas. Our projections were proven correct.