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 ARA Market Brief
The Atlanta REALTORS® (ARA Market Brief is compiled by First Multiple Listing Service (FMLS) and provides the only regionally focused synopsis of monthly sales and home prices for single-family residential properties. The Market Brief covers the following 11 counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Paulding, and Rockdale.
The data in this report was compiled by First Multiple Listing Service (FMLS). For more information on details of this month's report, please contact the Association at 404.250.0051.
*Each month, the numbers reported for the previous month are updated to reflect additional recordings.
About the Atlanta REALTORS® Association
The Atlanta REALTORS® Association (ARA) has been an instrumental factor in the growth of real estate in the state of Georgia for more than a century. With over 14,000 members, Atlanta is the largest association in Georgia and is considered to be one of the strongest and most successful REALTOR® organizations in the nation. ARA serves as a central source of information for its members, 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 First Multiple Listing Service
First Multiple Listing Service (FMLS) is the premier data services provider for real estate professionals in Georgia. FMLS was founded in 1957 by a group of Brokers who wanted to share their listings and connect buyers and sellers. Today FMLS is the largest MLS in Georgia & the 4th largest MLS in the United States, serving nearly 54,000 real estate Agents & Brokers. For additional information or to start a discussion about how to partner with FMLS please contact join@fmls.com.