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FinCEN Expects End-of-Year Publication for Real Estate AML Plan

By Chelsea Carrick

The U.S. Financial Crimes Enforcement Network plans to publish a long-awaited proposal by the end of this year that will permanently impose anti-money laundering program requirements on the residential real-estate sector, the bureau's director said Tuesday. Since 2016, FinCEN has sought to address the vulnerability of residential real-estate transactions to illicit finance through geographic targeting orders, or GTOs, that temporarily require title companies to supply the bureau the personal details of individuals who make cash-only purchases of property in certain areas, above specific amounts and through legal entities. But the notice of proposed rulemaking expected for December will mark the...

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