Navigation Federal anti-money laundering regulations incorporate RPPTL recommendations
New federal anti-money laundering regulations released just before the Labor Day weekend include recommendations proposed by the Real Property, Probate and Trust Law Section, says former RPPTL section Chair Melissa Murphy.
The U.S. Treasury’s Financial Crimes Enforcement Network, or FinCEN, spent much of last year developing new reporting requirements for “non-financed real estate transfers,” citing a need to combat money laundering in the U.S. real estate market.
Murphy and other attorneys warned that while well-intended, some of the proposed requirements could delay some transactions, or add additional expense, without benefitting law enforcement.
