The Financial Crimes Enforcement Network (FinCEN) has proposed new rules to deter money laundering in residential real estate transactions in the United States.
The rule would require certain real estate professionals who handle closing transactions and settlements to report information to FinCEN related to non-financed transfers of residential real estate to legal entities or trusts. FinCEN has identified this type of transfer as high-risk for potential money laundering. The burden on professionals would be minimal, and the rule would not affect transfers made to individuals.
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