US flags early 2024 for new rule targeting real estate money Laundering.
The U.S. Department of the Treasury'sFinancial Crimes Enforcement Network (FinCEN) is expected to unveil a new rule in early 2024 targeting real estate money laundering. The rule will require title insurance companies to identify and report the beneficial owners of all-cash residential real estate purchases exceeding $300,000. Image of US Department of the Treasury's Financial Crimes Enforcement Network. This move comes as part of a broader effort to crack down on money laundering and illicit finance. Real estate has long been a popular target for criminals who seek to disguise the source of their illegal proceeds. By requiring title insurance companies to identify and report the beneficial owners of all-cash residential real estate purchases, FinCEN hopes to make it more difficult for criminals to use the real estate market to launder their money. "Real estate is a major vulnerability in our anti-money laundering regime," said FinCEN Director Kenneth Blanco. "Th