Anti-Money Laundering Regulations for Residential Real Estate Transfers
New collection (Request for a new OMB Control Number)
No
Regular
08/30/2024
Requested
Previously Approved
36 Months From Approved
850,000
0
4,604,167
0
0
0
The Financial Crimes Enforcement Network (FinCEN) is submitting this information collection request for OMB approval of a collection of information in the final rule it is issuing under the authority of the Bank Secrecy Act (BSA). In this rule FinCEN requires certain domestic financial institutions to file specific reports and keep specific records about certain transfers of residential real estate.
The U.S. Department of the Treasury (Treasury) has long recognized the illicit finance risks posed by abuse of the U.S. residential real estate market and by legal entities and trusts used by criminals and corrupt officials to launder ill-gotten gains through transfers of residential real estate. FinCENâs rule focuses on a particular class of activity that is high-risk for money laundering and that warrants reporting on a transaction-specific basis. The rule requires certain persons involved in real estate closings and settlements to submit reports and keep records on certain non-financed transfers of residential real property to certain legal entities and trusts. The reports would enhance transparency in the U.S. residential real estate market and assist Treasury, law enforcement, and national security agencies in protecting U.S. economic and national security interests. The rule describes the circumstances in which a report would be required to be filed, who would file a report, what information would be provided, and when the report would be due.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
RRE Supporting Statement_08_29_2024_FINAL.docx
Reports of residential real property transfers