Federal Issues
FinCEN proposes Additional Reporting and Record Keeping Regulations on Certain Real Estate Transfers
March 22, 2024
Recently, the Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking titled, Anti-Money Laundering Regulations for Residential Real Estate Transfers. The rule imposes reporting and record-keeping requirements on certain persons involved in real estate closings and settlements for non-financed residential real estate transactions. Comments about the proposed rule will be received by the Network until April 16, 2024.
The purpose of the rule is to address money laundering, and illicit financial crimes involving real estate. The rule imposes a cascading reporting requirement, where certain persons involved in real estate transactions are required to file a “Real Estate Report” no later than 30 days after the date of closing. NAR will submit their comments before the April 16th deadline.
About the PCBR Market Brief
The Pickens County Board of REALTORS® (PCBR) Market Brief is compiled by First Multiple Listing Service (FMLS). For more information on details of this month's report, please contact the Board at 770.866.1397.
*Each month, the numbers reported for the previous month are updated to reflect additional recordings.
About the Pickens County Board of REALTORS®
The Pickens County Board serves as a central source of information for our members and our main focus are real estate education, the promotion of professionalism in our industry and representing our REALTOR® members with legislative initiatives to create positive change for the real estate community. Throughout its history, the Pickens County Board has exerted its influence in civic affairs in its capacity of representing a substantial segment of the business community across the Pickens area. The Board has contributed to various charities over the years by hosting fundraisers.
About First Multiple Listing Service
First Multiple Listing Service (FMLS) is the premier data services provider for real estate professionals in Georgia. FMLS was founded in 1957 by a group of Brokers who wanted to share their listings and connect buyers and sellers. Today FMLS is the largest MLS in Georgia & the 4th largest MLS in the United States, serving nearly 54,000 real estate Agents & Brokers. For additional information or to start a discussion about how to partner with FMLS please contact join@fmls.com.