- April 21, 2016
- All New York State Agents and offices
- US Department of Treasury: Financial Crimes Enforcement Network (FinCEN) Geographic Targeting Order, New York County, NY
This bulletin is further guidance on the January 13, 2016 FinCEN Geographic Targeting Orders (GTO). Based on FinCEN's initial analysis of the Form 8300 reports filed pursuant to the Geographic Targeting Order, they have identified several filing-related issues common among covered businesses. It is important that each Form 8300 be filed in accordance with the specific terms of the Orders. Accordingly, we are reminding you as a covered businesses of the following obligations as specified in the Orders (capitalized terms have the meaning ascribed to them in the Orders):
1. Part I of the Form 8300 should include only information about the identity of the individual primarily responsible for representing the Purchaser.
2. Part II of the Form 8300 should include information about the Purchaser. Part II should also include information about the Beneficial Owner(s) of the Purchaser, even if that same person was also listed in Part I.
3. Part IV should include information about the Covered Business only.
4. The Comments section should always include the appropriate keyword term (i.e., “REGTONYC”). Such term should be entered into the Form 8300 exactly as it appears in the Orders.
5. If the Purchaser is a limited liability company, then the Comments section should also include information about each of its members. This requirement does not affect the requirement to include information about the Beneficial Owner in Part II, even if that same individual is also identified in the Comments section as a member of the limited liability company.
In the event you have any questions, please the Stewart Title Insurance Company- New York Legal Department at (212) 922-0050.
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.
- Bulletins Replaced:
- Related Bulletins:
- NY000578 US Department of Treasury: Financial Crimes Enforcement Network (FinCEN) Geographic Targeting Order, New York County, NY and Miami-Dade County Florida
- NY000580 US Department of Treasury: Financial Crimes Enforcement Network (FinCEN) Geographic Targeting Order, New York County, NY
- NY000581 US Department of Treasury: Financial Crimes Enforcement Network (FinCEN) Geographic Targeting Order, New York County, NY
- Underwriting Manual:
- Exceptions Manual: