Last week, Treasury Secretary, Janet Yellen announced the appointment of Andrea Gacki as the new Director of the Financial Crimes Enforcement Network (FinCEN). Director Gacki previously served as the Treasury Department's Director of Foreign Assets Control (OFAC) and was responsible for oversight and implementation of many national security priorities, including working to combat illicit finance threats. Director Gacki will be responsible to implementation of the upcoming beneficial ownership rule which goes into effect on January 1, 2024, and she will be responsible for FinCEN's forthcoming regulations for the real estate sector as it relates to non-financed real estate transactions, and continued implementation the Corporate Transparency Act, and the Anti-money Laundering Act.
NAR will continue to provide anti-money laundering and FinCEN updates.