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FinCEN Seeks Comment on Additional AML Regulations for Real Estate Transactions

FinCEN solicited comment on potential Bank Secrecy Act information collection and reporting requirements "on certain persons participating in transactions involving non-financed purchases of real estate." FinCEN seeks input on transactions applicable to residential and commercial real estate.

In an Advance Notice of Proposed Rulemaking ("ANPR"), FinCEN asserted that "the systemic money laundering vulnerabilities presented by the U.S. real estate sector, and consequently, the ability of illicit actors to launder criminal proceeds through the purchase of real estate, threatens U.S. national security and the integrity of the U.S. financial system." FinCEN seeks comment on, among other things:

  • the geographic scope of additional regulations;

  • who should be subject to such regulations;

  • what types of real estate purchases should be subject to such regulations;

  • what information should be reported and retained; and

  • what an "appropriate" dollar-value threshold would be to trigger reporting requirements.

Comments on the notice must be received within 60 days of its publication in the Federal Register.

Primary Sources

  1. FinCEN Press Release: FinCEN Launches Regulatory Process for New Real Estate Sector Reporting Requirements to Curb Illicit Finance

  2. FinCEN ANPRM: Anti-Money Laundering Regulations for Real Estate Transactions

© Copyright 2022 Cadwalader, Wickersham & Taft LLPNational Law Review, Volume XI, Number 341
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