Virtual Underwriter

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Bulletin: SLS2022011

Bulletins by State or Territory
Bulletins by Country

Bulletin: SLS2022011

Bulletin Document
V 8
Date: November 29, 2022
To: All Issuing Offices
RE: GENERAL - US Department of Treasury: Financial Crimes Enforcement Network (FinCEN) - Geographic Targeting Order: Boroughs of Manhattan, Brooklyn, Bronx, Queens and Staten Island, NY; Counties of Bexar, Tarrant, Dallas, Harris, Montgomery and Webb, TX; Counties of Miami-Dade, Broward, and Palm Beach, FL; Counties of San Diego, Los Angeles, San Francisco, San Mateo, and Santa Clara, CA; Clark County, NV; King County, WA; Counties of Suffolk and Middlesex, MA; Cook County, IL; City or County of Baltimore, Maryland with a purchase price of $50,000 or more; The Hawaii counties of Hawaii, Maui, Kauai, or Honolulu, or the City of Honolulu; The Maryland counties of Montgomery, Anne Arundel, Prince George’s, or Howard; The Virginia counties of Arlington or Fairfax, or the cities of Alexandria, Falls Church, or Fairfax; The Connecticut county of Fairfield; The District of Columbia [Revised 5-08-2020; 11-6-2020; 5-6-2021; 11-1-2021; 4-29-2022; 10-27-2022]

Dear Associates:

As you are aware, the Financial Crimes Enforcement Network (FINCEN) issued an expanded Geographic Targeting Order (“GTO”) for all title insurance companies and agents on October 26, 2022. For some jurisdictions, this order has been in place since first introduced to the title insurance industry in 2016, but the addition of Harris, Montgomery and Webb Counties in Texas will require supplementary training and guidance for title agents not previously subject to FinCEN’s reporting requirements.

In addition to the bulletin Stewart issued on October 27, 2022, we intend to provide support and resources to the newly added regions. Additionally, we will provide continued guidance and support to agents in all regions previously subject to FINCEN’s reporting requirements. We have included a list of resources provided by the American Land Title Association (“ALTA”) to provide valuable background and assist with reporting concerns. 

ALTA intends to provide our industry with updated guidance and training support as FinCEN continues to expand GTOs in the wake of recent international events and advances in technology enabled transactions.

We have included the following resources retrieved from ALTA’s website with this bulletin:

  1. Real Estate Geographic Targeting Orders Fact Sheet
  2. Information Collection Form
  3. FINCEN’s Advisory Issued to Financial Institutions and The Real Estate Industry on August 22, 2017

We have put together an informational flow chart, which includes updated information on counties subject to compliance. Additionally, the Financial Crimes Enforcement Network has provided a “FAQ” issued on October 26, 2022, to assist with questions concerning reporting compliance.  We have included a copy with this bulletin for your viewing. Supplementary guidance can be found on ALTA’s website, which includes links to articles and recorded training webinars. 

We understand your concerns given the limited amount of time to implement and operationalize reporting compliance. We will continue to work with ALTA and FINCEN to ensure you receive optimal information and resources.   

If you need assistance or have questions regarding the order or issues with filing, please reach out to your manager, agency representative, Stewart's Legal Department or by email to FINCENreports@stewart.com.

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
Related Bulletins:
Underwriting Manual:
  • None
Exceptions Manual:
  • None
Forms:
  • None