Name: Geographic Targeting Order - Los Angeles County, California (Real Estate)
Creator: Soflo Consulting
Published: 2017-08-22
License: https://www.usa.gov/government-works

Question 1

Is there a FinCEN Geographic Targeting Order (GTO) in Los Angeles County?

Accepted Answer

There was previously a FinCEN GTO covering Los Angeles County, California. The order is currently superseded. FinCEN added Los Angeles County to the real estate GTO program in 2017 with a $2 million threshold, reflecting the high-value nature of the LA real estate market. Title insurance companies were required to report beneficial ownership of legal entities in all-cash residential purchases.

Question 2

What is the reporting threshold for the Los Angeles County GTO?

Accepted Answer

The reporting threshold for this GTO is $2,000,000. Title insurance companies must report beneficial ownership information for legal entities purchasing residential real property for $2,000,000 or more in all-cash transactions within the covered jurisdiction.

Question 3

Who must comply with the FinCEN GTO in Los Angeles County?

Accepted Answer

Title insurance companies operating in Los Angeles County, California must comply with this GTO. Specifically, they must: Beneficial ownership of legal entities making all-cash residential real estate purchases at or above $2,000,000; file FinCEN Form 8300 within 30 days of closing.

Question 4

When did the Los Angeles County FinCEN GTO take effect?

Accepted Answer

This GTO became effective on 2017-08-22. It is set to expire on 2018-03-20.

Question 5

Where can I find the official FinCEN order for Los Angeles County?

Accepted Answer

The official source for this GTO is available at https://www.fincen.gov/news/news-releases/fincen-renews-and-expands-real-estate-geographic-targeting-orders.  Always verify current GTO status directly with FinCEN before making compliance decisions.

Geographic Targeting Order - Los Angeles County, California (Real Estate)

Order Summary

Geographic Coverage

Reporting Requirements

Change Log

Frequently Asked Questions

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Quick Facts

Official Sources

Covered Industries

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