-Effective 8.22.2017 Title & Escrow companies handling Honolulu County real estate transactions with a $3 Mill purchase price or more are now required to file FinCEN Form 8300. The form shall contain the identity of the individuals primarily responsible for representing the buyer. E.g., if the buyer is an entity, Corporation, Partnership, LLC, Trust or a Shell Company, the form shall contain the identity of the beneficial owners.
Title & Escrow companies must obtain and record a copy of the Passport, Driver License or other government IDs of the individuals purchasing or benefiting from this transaction.
FinCEN, the Financial Crimes and Enforcement Network, is a bureau of the US Department of the Treasury. The new Geographic Targeting Order (GTO) now includes Honolulu County, the island of Oahu. So far Maui, Big Island, Kauai, Molokai, and Lanai have not been included.
The purpose of the order is to mitigate the misuse of shell companies for money laundering and terrorism funding.
See FinCEN’s GTO and FAQ:
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