On February 21, NAR signed on a to a joint industry comment letter. The letter responds to the Financial Crime Enforcement Network’s (FinCEN) Advance Notice of Proposed Rulemaking (ANPRM) on anti-money laundering regulations for the real estate sector. In December 2021, FinCEN issued the ANPRM to receive comments from stakeholders on solutions to combating money laundering and illicit financing in real estate. The letter provides several recommendations to FinCEN, including robust educational training on money laundering in real estate for real estate professionals, expansion of the current Geographic Targeting Orders (GTOs) nationwide for non-financed residential real estate transactions, continuation of reporting and recordkeeping requirements for title companies and settlement agents.
Joint Industry Comment Letter Regarding FinCEN's Anti-Money Laundering Advance Notice of Proposed Rulemaking
Issue Date: February 21, 2022
On February 21, NAR signed on a to a joint industry comment letter. The letter responds to the Financial Crime Enforcement Network’s (FinCEN) Advance Notice of Proposed Rulemaking (ANPRM) on anti-money laundering regulations for the real estate sector. In December 2021, FinCEN issued the ANPRM to receive comments from stakeholders on solutions to combating money laundering and illicit financing in real estate. The letter provides several recommendations to FinCEN, including robust educational training on money laundering in real estate for real estate professionals, expansion of the current Geographic Targeting Orders (GTOs) nationwide for non-financed residential real estate transactions, continuation of reporting and recordkeeping requirements for title companies and settlement agents.
Download the Letter