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 GRBOR Market Brief
The Greater Rome Board of REALTORS® (GRBOR) Market Brief is compiled by Georgia Multiple Listing Service (GAMLS).For more information on details of this month's report, please contact the Board at 404.845.4025.
*Each month, the numbers reported for the previous month are updated to reflect additional recordings.
About the Greater Rome Board of REALTORS®
The Greater Rome Board of REALTORS® (GRBOR) has been an instrumental factor in the growth of real estate in Floyd County, Georgia for more than a decade. GRBOR serves as a central source of information for its members, with mainly focusing on real estate education, the promotion of professionalism in the industry and representing REALTORS® members with legislative initiatives to create positive change for the real estate community.
About Georgia Multiple Listing Service
Since 1962 Georgia MLS has been providing real estate professionals with exceptional service, proven technology solutions, and unmatched value. With a laser-sharp focus on making the day-to-day tasks of our MLS subscribers more functional, more productive, and more profitable, we continue to implement the service blueprint that has led to our continued growth. For additional information or to start a discussion about how to partner with GAMLS please contact georgiamls@gamls.com.