Federal Issues
US Treasury Issues New Anti-Money Laundering Rule for Real Estate
October 2, 2024
Recently, the Financial Crimes Enforcement Network (FinCEN), a Bureau within the U.S. Treasury Department, issued a final anti-money laundering rule for the real estate industry.
In February 2024, NAR submitted a formal comment in response to FinCEN’s proposed anti-money laundering rule on this issue. The final rule requires certain real estate professionals to report information for non-financed residential real estate transactions and transfers of real estate to trusts or legal entities.
The rule imposes a cascading reporting regime, which requires closing or settlement agents to provide certain transaction information and details. Alternatively, real estate professionals can also designate a specific professional to be responsible for reporting. FinCEN explained that it expects reports to be filed primarily by settlement agents, title agents, insurance agents, or attorneys; however, real estate agents are not explicitly exempt from reporting under the rule. The rule also imposes recordkeeping requirements as well. The rule goes into effect on December 1, 2025.
In addition to the rule, FinCEN issued two resources, the FinCEN Residential Real Estate Rule Fact Sheet and a Frequently Asked Questions document.
NAR will continue to monitor this rule and will provide updates, educational resources, and guidance to members regarding it.
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.