New FinCEN Real Estate Rule Proposed
By Susan Isaacs | DC Real Estate Consultant, Partnering with: DOMOofCompass
(Compass | 1313 14th St NW DC 20005)
FinCEN Proposes New Rule For Real Estate Transactions Certain entities and trusts are affected for non-financed transactions LLCs, Trusts and other specific entities engaging in cash or other non-financed transactions are the targets of the Financial Crimes Enforcement Network's new Notice of Proposed Rulemaking titled Anti-Money Laundering Regulations for Residential Real Estate Transfers. This proposed rule places reporting and record-keeping requirements on title companies, attorneys and others involved in real estate closings and settlements for non-financed residential real estate transactions. FinCEN’s proposal targets residential real estate transfers it considers to be high-risk for money laundering. It would not require reporting of transfers made to individuals. Read more t...
Comments
0