USA BITES BULLET ON AML REAL ESTATE REPORTING
December 2nd, 2021
The USA’s Financial Crimes Enforcement Network (FinCEN) has announced plans to impose broad AML customer due diligence (CDD) and suspicious transaction reporting requirements on the country’s real estate sector. This would potentially tackle a major vulnerability allowing dirty money into the American economy. The US FIU has released an Advance Notice of Proposed Rulemaking (ANPRM) seeking comments on how such a system might work. (1) (2) Within, FinCEN stressed that given 19% of residential property sales in the USA lack borrowed financing assessed for ML/TF ...
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