Federal Issues
FinCEN proposes Additional Reporting and Record Keeping Regulations on Certain Real Estate Transfers
March 22, 2024
Recently, the Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking titled, Anti-Money Laundering Regulations for Residential Real Estate Transfers. The rule imposes reporting and record-keeping requirements on certain persons involved in real estate closings and settlements for non-financed residential real estate transactions. Comments about the proposed rule will be received by the Network until April 16, 2024.
The purpose of the rule is to address money laundering, and illicit financial crimes involving real estate. The rule imposes a cascading reporting requirement, where certain persons involved in real estate transactions are required to file a “Real Estate Report” no later than 30 days after the date of closing. NAR will submit their comments before the April 16th deadline.
About the ARA Market Brief
The Atlanta REALTORS® (ARA Market Brief is compiled by First Multiple Listing Service (FMLS) and provides the only regionally focused synopsis of monthly sales and home prices for single-family residential properties. The Market Brief covers the following 11 counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Paulding, and Rockdale.
The data in this report was compiled by First Multiple Listing Service (FMLS). For more information on details of this month's report, please contact the Association at 404.250.0051.
*Each month, the numbers reported for the previous month are updated to reflect additional recordings.
About the Atlanta REALTORS® Association
The Atlanta REALTORS® Association (ARA) has been an instrumental factor in the growth of real estate in the state of Georgia for more than a century. With over 14,000 members, Atlanta is the largest association in Georgia and is considered to be one of the strongest and most successful REALTOR® organizations in the nation. ARA serves as a central source of information for its members, mainly focusing on real estate education, the promotion of professionalism in the industry, and representing REALTORS® members with legislative initiatives to create positive change for the real estate community.
About First Multiple Listing Service
First Multiple Listing Service (FMLS) is the premier data services provider for real estate professionals in Georgia. FMLS was founded in 1957 by a group of Brokers who wanted to share their listings and connect buyers and sellers. Today FMLS is the largest MLS in Georgia & the 4th largest MLS in the United States, serving nearly 54,000 real estate Agents & Brokers. For additional information or to start a discussion about how to partner with FMLS please contact join@fmls.com.