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What are FinCEN Geographic Targeting Orders and does my LLC's real estate purchase trigger one?
My foreign-owned LLC is buying a commercial property in Miami for $800,000. My real estate attorney mentioned something about a 'Geographic Targeting Order' from FinCEN that applies to certain real estate transactions in Miami. He said the title company might need to report information about who owns my LLC. I thought the BOI report already covered beneficial ownership. What is a GTO and how is it different from BOI? Do I need to do anything special for this purchase?
Related Questions
What is the Bank Secrecy Act and how does it affect my foreign-owned LLC?
I recently formed a single-member LLC in Delaware as a non-resident from the UK. My accountant mentioned something about the 'Bank Secrecy Act' and said I need to be aware of it as a foreign owner. I thought this was only for banks? My LLC is an e-commerce business selling digital products. Does BSA really apply to me, or is my accountant being overly cautious? I want to understand what obligations I actually have before I start processing payments through my U.S. bank account.
Do I need an AML compliance program for my foreign-owned single-member LLC?
I own a consulting LLC in Wyoming as a Canadian citizen. A friend who works in banking told me I need an 'AML compliance program' for my LLC. I looked this up and it seems like something only banks and financial institutions need. My LLC does marketing consulting for U.S. clients and I invoice them monthly. Do I really need a formal AML program? What would that even look like for a one-person consulting LLC? I do not want to spend thousands on compliance if it is not actually required for my business type.
What KYC documents do I need to open a U.S. bank account for my foreign-owned LLC?
I am a Brazilian citizen who just formed an LLC in Florida. I have my EIN from the IRS and my Articles of Organization from the state. I tried to open a business bank account at Chase but they asked me for a ton of documents I was not expecting. They wanted my passport, a utility bill from Brazil, proof of my address in the U.S. (I do not have one), and something called a 'certificate of good standing.' They also asked about the nature of my business and expected transaction volumes. Is this normal? It felt like an interrogation. What documents should I have ready so the next bank does not reject me?
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