Regulatory Alerts2024-02-07
Added
Anti-Money Laundering Regulations for Residential Real Estate Transfers
FinCEN proposes a rule requiring certain persons involved in real estate closings and settlements to file Real Estate Reports and maintain records for non-financed transfers of residential real property to specified legal entities and trusts. The reporting obligation applies to transfers not involving credit extended by a financial institution with an AML program, excluding transfers made directly to individuals. Reporting persons must submit reports identifying the transferee entity, its beneficial owners, the transferor, and transaction details within 30 days of closing.