Washington Report

Advocacy Updates from Washington D.C.

NAR Comments on Proposed Anti-Money Laundering Regulations

NAR submitted a comment letter in response to the Financial Crime Enforcement Network’s (FinCEN) Advance Notice of Proposed Rulemaking (ANPRM) on anti-money laundering regulations for the real estate sector.

In December 2021, FinCEN issued the ANPRM to receive comments from stakeholders on solutions to combating money laundering and illicit financing in real estate. NAR provided several recommendations to FinCEN, including robust educational training on money laundering in real estate for real estate professionals, expansion of the current Geographic Targeting Orders (GTOs) nationwide for non-financed residential real estate transactions, continuation of reporting and recordkeeping requirements for title companies and settlement agents. NAR remains engaged on this issue, and will continue to provide key updates on anti-money laundering matters.