Regulatory Alerts2017-08-22 | FinCEN Advisory - FIN-2017-A003Added
Advisory to Financial Institutions and Real Estate Firms and Professionals
The Financial Crimes Enforcement Network (FinCEN) is providing financial institutions and the real estate industry with information on money laundering risks associated with certain real estate transactions, particularly those involving luxury property purchased through shell companies with cash. FinCEN encourages real estate professionals, including brokers, escrow agents, and title insurers, to voluntarily report suspicious transactions, noting that they are protected by a safe harbor from liability. Financial institutions filing mandatory or voluntary suspicious activity reports (SARs) related to real estate transactions should reference this advisory and include "ADVISORY REAL ESTATE" in the SAR narrative and field 33(z).