Please see the Alert from our member Greenberg Traurig regarding the Advanced Notice of Proposed Rulemaking (ANPRM) for certain persons involved in real estate transactions. LARA will be meeting in January and, after an in-depth analysis, submitting a comment letter to FinCEN.
On Dec. 6, 2021, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an advance notice of proposed rulemaking (ANPRM) to solicit public comment on potential requirements under the Bank Secrecy Act (BSA) for certain persons involved in real estate transactions to collect, report, and retain information.
Since September 2002, when it published an unrelated ANPRM, FinCEN has consistently expressed concerns with the systemic money laundering vulnerabilities presented by the U.S. real estate sector, both residential and commercial, particularly the ability of illicit actors to launder criminal proceeds through the purchase of real estate.