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New FinCEN Real Estate Rule Proposed

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

FinCEN

 

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.

 

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Posted by

Susan Isaacs, Realtor

The Isaacs Team LLC

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1313 14th Street NW DC 20005

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