Regulatory Alerts2024-08-29
Anti-Money Laundering Regulations for Residential Real Estate Transfers
The Financial Crimes Enforcement Network issued a final rule requiring certain persons involved in real estate closings and settlements to file reports on non-financed transfers of residential real property to legal entities and trusts. This nationwide requirement aims to enhance transparency and assist law enforcement in combating money laundering and illicit finance vulnerabilities within the U.S. residential real estate sector. The rule mandates the identification of beneficial owners and transaction details, with an effective date of December 1, 2025.
Share