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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.
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. Unlike the Corporate Transparency Act (CTA), there is no updating reporting obligation.
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This article was originally published by a www.law.com . Read the Original article here. .