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FinCEN Slow to Regulate U.S. Real Estate, Mortgage Industries
By Brian Monroe
printThe multitrillion dollar U.S. real estate industry is one of the few gateways to the U.S. financial system still largely free of anti-money laundering (AML) regulation. The industry's exclusion from compliance with AML rules “ which already cover banks, securities and futures broker-dealers, insurance companies, casinos and even jewelers “ is especially notable because regulators have had the legal authority to include real estate professionals for the past five years. Moreover, the industry's vulnerabilities have been amply identified in reports and criminal prosecutions. Section 352 of the 2001 USA Patriot Act defines "financial institutions" to include entities "involved in real...
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