News

Attorneys, underwriters, and title, settlement and escrow agents are pushing back against a federal proposal that would require them to obtain the names, addresses and other personal details of individuals who use legal entities to buy U.S. residences without financing. Under the Feb. 7 notice-of-proposed rulemaking, or NPRM, those professions and any other parties who close or settle such deals would have to submit those details to the U.S. Financial Crimes Enforcement Network, also known as FinCEN, in a "real estate report" within 30 days of the transaction, but would not have to implement full anti-money laundering programs. Most of...