Proposed rules that will address money-laundering bad actors in the US residential real estate sector are one step closer to being released.
The White House Office of Information and Regulatory Affairs completed its review of the Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, rules (RIN: 1506-AB54) Monday.
The proposed rules would take steps to require reporting on a nationwide basis for certain real estate transactions, according to a 2021 FinCEN advance notice of proposed rulemaking.
- In the notice of proposed rulemaking, Treasury sought comments on potential requirements under the Bank Secrecy Act.
- “The systemic money laundering vulnerabilities ...
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