The Treasury Department released proposed rules Wednesday on reporting requirements for certain real estate transactions in an effort to crack down on money-laundering in the US residential real estate sector.
The rules (RIN:1506-AB54) detail circumstances in which a report must be filed, who must file a report, what information must be provided, and when a report is due.
The White House Office of Information and Regulatory Affairs completed its review of the Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, rules on Jan. 29.
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