FinCEN issues final residential real estate reporting rule

The Financial Crimes Enforcement Network (FinCEN) issued a rule to help safeguard residential real estate from illicit finance. It requires real estate industry professionals to report information to FinCEN about non-financed transfers of residential real estate to a legal entity or trust. FinCEN said the current residential real estate geographic targeting orders were intended to be a temporary measure and “a more comprehensive and permanent regulatory approach is needed.”