FinCEN Issues Final Anti-Money Laundering BSA Reporting Requirements for Real Estate Deals on September 12, 2024

The Financial Crimes Enforcement Network (FinCEN) has issued its final Bank Secrecy Act (BSA) reporting requirements for residential real estate deals. The new rule, issued on September 12, 2024, targets anti-money laundering measures for residential real estate transfers, specifically those that are non-financed and transferred to a trust or legal entity. This regulation aims to increase transparency in real estate transactions and combat illicit financial activities.