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New FinCEN Real Estate Rule Proposed

Real Estate Agent with Compass | 1313 14th St NW DC 20005 Licensed in DC & VA



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 to learn who the proposed rule affects and what exemptions may apply.



Posted by

Susan Isaacs, Realtor

The Isaacs Team LLC

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