(l-r) Alan Granwell, Steven Lear, and Kevin Packman of Holland & Knight. Courtesy photos FinCEN's Proposed Oversight of 'All-Cash' Real Estate Deals Impacts Attorneys
The NPRM proposes a new nationwide requirement for real estate professionals to report the individual beneficial owners of specified entities and trusts acquiring residential real estate through "all cash purchases or gratuitous transfer to trusts, as well as other transactional information, within 30 days after closing.
March 19, 2024 at 03:04 PM
4 minute read
Board of Contributors
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on Feb. 7, 2024, issued a notice of proposed rulemaking (NPRM) designed to make it harder for bad actors to use the U.S. residential real estate market to facilitate money laundering and other illicit activity.
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