Written by Lexx Thornton The U.S. Treasury Department’s financial crime-fighting arm has introduced a new rule aimed at cracking down on money laundering in all-cash home purchases, but everyday buyers shouldn’t be alarmed. The federal regulation, formally known as the “Anti-Money Laundering Regulations for Residential Real Estate Transfers,” requires mandatory reporting of all-cash residential real estate transactions involving trusts, estates, limited liability companies (LLCs), corporations, and partnerships to the Financial Crimes Enforcement Network (FinCEN). The language of the rule makes it clear that it does not apply to property purchases in which the buyer is an individual. In other words,
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