Fidelity National Financial Inc. is asking a federal judge to throw out a rule that increases reporting requirements for residential real estate transactions.
The Fortune 500 insurance company filed a complaint Tuesday in the US District Court for the Middle District of Florida against the Treasury Department and its Financial Crimes Enforcement Network related to a rule that details additional reporting requirements for certain real estate transactions. The rule, set to take effect Dec. 1, aims to crack down on money laundering in the residential real estate sector.
It requires reporting on certain transactions deemed high risk—mostly non-financed transfers ...
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