Alerts2.23.24
Proposed Rule Requires Real Estate Professionals Closing All-Cash Residential Deals to Report to FinCEN
Highlights
FinCEN recently proposed a new rule to require real estate professionals to file transactional reports
The proposed rule requires certain entity and trust transactions in residential real estate to be reported to federal government
Real estate agents, brokers, and other service providers may be required to implement AML reporting programs to comply
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently published a proposed rule requiring certain professionals involved in real estate closings and settlements to report information to FinCEN about non-financed transfers of residential real estate to legal entities or trusts.
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