I saw this on the most recent Title Commitment and thought it was worthy of a Q&A…
“This transaction may be subject to the FinCEN Geographic Targeting Order affecting residential sale transactions. This issuing agent must be provided with information prior to closing sufficient to determine if IRS/FinCEN Form 8300 must be completed and filed and must be provided information sufficient to meet the records retention requirements of the FinCEN Geographic Targeting Order. This transaction will not be insured, and this issuing agent and/or its underwriter
will not be involved in a Covered Transaction (as defined by FinCEN Geographic Targeting Order) until this information is submitted and reviewed by the issuing agent.”
So, what is this?
This a note in the Title Commitment to ensure compliance with a new anti money laundering rule.
