Georgia Criminal Defense Lawyers Blog
Recently, the Financial Crimes Enforcement Network (FINCEN) issued a pivotal final rule aimed at tightening regulatory oversight in the residential real estate sector. This change marks a significant step towards enhancing transparency in an industry that has, until now, been relatively free from such regulatory scrutiny. Generally, the new rule requires certain real estate professionals to report information about non-financed transfers of residential real estate to legal entities or trusts.
What Is the New FINCEN Rule?
FINCEN’s new rule extends Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) obligations to investment advisers involved in residential real estate transactions. The aim is to prevent illicit financial activities in an industry known for large cash transactions that can serve as vehicles for money laundering, fraud, and other financial crimes.