Real Estate Money Laundering Rule Is Under White House Review

A final Treasury Department rule aimed at fighting money laundering conducted via US residential real estate transactions is now under White House regulatory review.

The final rule, from Treasury’s Financial Crimes Enforcement Network, or FinCEN, was received Monday by the White House Office of Information and Regulatory Affairs, according to OIRA’s website.

• The proposed version of the rule, issued in February, would require certain persons involved in real estate closings and settlements to report non-financed transfers of residential real estate to specified legal entities or trusts.
• It describes the circumstances under which reports must be filed, what ...