Real estate professionals who handle closings and settlements will be required to report information to the Treasury’s Financial Crimes Enforcement Network when an all-cash residential sale is made to shell companies, legal entities and trusts.
Source: Inman News
Treasury releases proposed rule for reporting all-cash luxe sales
Published in Agent, all-cash home sales, Department of Treasury, Financial Accountability and Corporate Transparency Coalition, fincen, gto, Janet Yellen, luxury, luxury lens, luxury_lens, money laundering, News Brief, Regulations and Select
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