Rule on Real Estate Money Laundering Is Under White House Review

A proposed Treasury Department rule aimed at fighting money laundering that is conducted via US residential real estate transactions is under White House regulatory review.

The proposed regulation, from Treasury’s Financial Crimes Enforcement Network, or FinCEN, was received Monday by the White House Office of Information and Regulatory Affairs, according to OIRA’s website.

• The proposed rule, under the Bank Secrecy Act, would require certain persons involved in real estate transactions to collect, report, and retain information about them, according to a 2021 FinCEN advance notice of proposed rulemaking.
• The US real estate sector has “systemic money laundering ...