10/13/2017
Under FinCEN rules, title insurance companies are required to determine the identities of those who own shell companies that make purchases in cash at specific price points, which are generally over $1 million. Officials then determine whether or not the shell companies involved have been flagged for suspicious activity in the past. FinCEN focuses on deals valued at over $3 million in New York, $2 million in California and Hawaii, and $1 million in Florida.
It’s been revealed that as many as 30 percent of luxury real estate buyers in the last year were linked to “suspicious activity” such as money laundering