February 27, 2023. WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is issuing an alert to financial institutions on the nationwide surge in check fraud schemes targeting the U.S. Mail.

FinCEN's mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.

The GTOs require a Covered Business to collect and report certain identifying information about the Beneficial Owner(s) of the Purchaser in a Covered Transaction. For purposes of the GTOs, a “Beneficial Owner” means each individual who, directly or indirectly, owns 25% or more of the equity interests of the Purchaser.

U. S. Department of Treasury, issued Geographic Targeting Orders to all title companies. The orders impose temporary new data collection and reporting requirements for all cash. purchases of residential real estate by corporate entities in certain counties.

Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.

FinCEN Currency Transaction Report (FinCEN Report 112) FinCEN Designation of Exempt Person (FinCEN Report 110) FinCEN Suspicious Activity Report (FinCEN Report 111)