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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-02-08T20:09:00
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking (NPRM) that would require the handlers of all-cash residential real estate transactions in all U.S. cities and counties to disclose the beneficial owners.
All-cash residential real estate transactions have long been eyed as easy ways for criminals and oligarchs to launder money and access the U.S. financial system. Residential real estate transactions that require borrowing are less attractive to bad actors because the financial institutions handling them must adhere to anti-money laundering (AML) standards set by the Bank Secrecy Act. Those standards include having an AML program in place and reporting suspicious transactions to FinCEN.
FinCEN fought against this loophole with geographic targeting orders (GTOs), which were first launched in New York City and Miami in 2016 and require professionals involved in real estate closings and settlements to file a report with the agency listing the beneficial owners of all-cash residential real estate transactions.
The agency proposed applying the requirements of GTOs to the entire country in its NPRM, released Wednesday.
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2024-05-17T16:00:00Z By Kyle Brasseur
The Treasury Department’s efforts to eliminate regulation loopholes that help enable money laundering in the U.S. financial system will remain a top priority as part of the agency’s 2024 national illicit finance strategy.
2024-03-05T18:30:00Z By Aaron Nicodemus
A federal court judge in Alabama ruled the Corporate Transparency Act was beyond Congress’s power, potentially throwing the effectiveness of the Financial Crimes Enforcement Network beneficial ownership information registry into doubt.
2024-02-16T13:55:00Z By Aaron Nicodemus
The Financial Crimes Enforcement Network will focus its attention regarding compliance with its new beneficial ownership reporting requirements on education and outreach during the first year of implementation, although “willful violations” will still merit punishment.
2024-07-02T19:43:00Z By Aaron Nicodemus
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
2024-06-28T19:55:00Z By Aaron Nicodemus
The Supreme Court of the United States overturned a long-held precedent in which courts deferred to federal agencies in interpreting complex or ambiguous regulations–a decision that could make thousands of federal regulations more vulnerable to legal challenges.
2024-06-28T17:00:00Z By Aaron Nicodemus
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
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