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Transactional Real Estate: FinCEN’s Proposed Rule on Residential Real Estate Transactions
March 5, 2024
Real estate partners Peter Fisch and Salvatore Gogliormella’s latest Transactional Real Estate column, “FinCEN’s Proposed Rule on Residential Real Estate Transactions,” appeared in the March 5 issue of the New York Law Journal. The authors discuss a proposed rule by the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to combat and deter money laundering by increasing transparency in the U.S. residential real estate sector. The proposed rule marks a significant regulatory development for the residential real estate market. Covered real estate businesses will need to put in place procedures and processes to ensure compliance with a final rule, including collecting information required for filing Real Estate Reports (such as the beneficial owners of the transferee entity or trust), among other requirements. FinCEN is expected to issue anti-money laundering regulations for the commercial real estate sector later this year. Litigation partner Roberto Gonzalez and associate Sam Kleiner, real estate associate Jay Zwick, corporate associate Sean Malone and incoming associate Konstantine Tettonis assisted in the preparation of this article.
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