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To Guard US Real Estate Sector, FinCEN Pitches New Reporting Plan

By Fred Williams

A federal plan published Wednesday would task title and settlement agents, attorneys and other individuals who close or settle real estate transactions with identifying the beneficial owners of legal entities and trusts that acquire U.S. residences without loans. Those individuals would then have to share that information with the Treasury Department's Financial Crimes Enforcement Network, or FinCEN, by filing a "real estate report," a type of suspicious activity report tailored for the real estate sector, within 30 days of closing such a transaction, the bureau explained in a 132-page notice of proposed rulemaking. The proposal would not apply to property...

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