Learn more about Escrow Depositories
Laws and Rules:
On May 15, 2019, the Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Treasury Department renewed its Geographic Targeting Orders (“GTOs”) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate. The purchase amount threshold remains $300,000 for each covered metropolitan area. Honolulu continues to be subject to the GTOs.
On November 15, 2018, FinCEN set the purchase amount threshold, which previously varied by city, at $300,000 for each covered metropolitan area. FinCEN also added the requirement to report covered purchases using virtual currencies.
Title insurance companies in Honolulu have been subject to the GTOs since August 22, 2017. Affected title insurance companies must have procedures in place to ensure compliance with the GTOs; see the GTOs for details. Direct any questions about the GTOs to the FinCEN Resource Center at 800-767-2825.
Bond form, criminal background authorizations: Escrow Depository Forms
Renewal instructions: 2018 Renewal portal open
Frequently Asked Questions: ED FAQs