On February 21, NAR submitted a comment letter to the Financial Crime Enforcement Network’s (FinCEN) in response to the bureau's Advance Notice of Proposed Rulemaking (ANPRM)[ND1] 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. NAR provided 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. NAR remains engaged on this issue, and will continue to provide key updates on anti-money laundering matters.
NAR Provides Comment on FinCEN's ANPRM on Anti-Money Laundering Regulations for Real Estate
Issue Date: February 21, 2022
On February 21, NAR submitted a comment letter to the Financial Crime Enforcement Network’s (FinCEN) in response to the bureau's Advance Notice of Proposed Rulemaking (ANPRM)[ND1] 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. NAR provided 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. NAR remains engaged on this issue, and will continue to provide key updates on anti-money laundering matters.
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