FinCEN proposes Additional Reporting and Record Keeping Regulations on Certain Real Estate Transfers

Recently, the Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking titled, Anti-Money Laundering Regulations for Residential Real Estate Transfers. The rule imposes reporting and record-keeping requirements on certain persons involved in real estate closings and settlements for non-financed residential real estate transactions. Comments about the proposed rule will be received by the Network until April 16, 2024.

The purpose of the rule is to address money laundering, and illicit financial crimes involving real estate. The rule imposes a cascading reporting requirement, where certain persons involved in real estate transactions are required to file a “Real Estate Report” no later than 30 days after the date of closing.  NAR will submit their comments before the April 16th deadline.