FinCEN Targets “Covered Transactions” in New York and Miami

The Financial Crimes Enforcement Network (FinCEN) is going after “all cash” high end property purchases in New York and Miami. FinCEN will now require reporting on all purchases of residential property in Miami-Dade County over $1 million dollars and the New York Borough of Manhattan over $3 million made without a bank loan and using cash or other monetary instruments [1/21/15].