FinCEN published in the Federal Register an advance notice of proposed rulemaking on additional Bank Secrecy Act information collection and reporting requirements applicable to cash-based real estate transactions. Comments are due by February 7, 2022.
FinCEN stated there are "systemic money laundering vulnerabilities presented by the U.S. real estate sector" that pose threats to "U.S. national security and the integrity of the financial system." As previously covered, FinCEN is seeking comment on, among other things:
- the geographic scope of additional regulations;
- who should be subject to such regulations;
- what types of real estate purchases should be subject to such regulations;
- what information should be reported and retained; and
- what an "appropriate" dollar-value threshold would be to trigger reporting requirements.
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