The Financial Crimes Enforcement Network on Wednesday proposed a new rule to require certain professionals involved in real estate closings and settlements to report information to the agency about non-financed transfers of residential real estate to legal entities or trusts. In a statement, FinCEN said the proposal will target residential real estate transfers considered at high risk for money laundering while minimizing the potential business burden. The rule also would not require reporting of transfers made to individuals.
The proposed rule describes the circumstances in which a report must be filed, who must file a report, what information must be provided and when a report is due, FinCEN said. The new reporting proposal, if adopted, would not require affected persons to establish new anti-money laundering programs, as persons involved in real estate closings and settlements would continue to be exempt from the AML compliance program requirements of the Bank Secrecy Act, the agency added.
