New Federal Rule Targets Money Laundering in Residential Real Estate

Published on September 2, 2024

A new reporting requirement aimed at cracking down on unlawful funding in the residential real estate sector has been introduced by the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). FinCEN had proposed that individuals involved in real estate closings and settlements would be required to report on transfers deemed “high risk for illicit financial activity” by the Treasury, according to an Aug. 29 Federal Register notice. The rule will take effect on Dec. 1, 2025. These transactions were identified as “non-financed transfers” of residential real property to legal entities and trusts. Non-financed transfers do not involve giving credit to the transferees of property and include “all-cash sales,” according to the agency....

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