March 19, 2024

FinCEN’s Proposed Oversight of 'All-Cash' Real Estate Deals Impacts Attorneys

Daily Business Review
Steven D. Lear | Kevin E. Packman | Alan Winston Granwell

Corporate attorney Steven Lear and Tax attorneys Kevin Packman and Alan Granwell co-authored an article in the Daily Business Review discussing the Financial Crimes Enforcement Network's (FinCEN) new proposed rule increasing scrutiny of all-cash acquisitions of residential real estate. Through the proposed rule, FinCEN aims to tighten regulations in the U.S. residential real estate market to prevent money laundering and illicit activities. It introduces a nationwide requirement for real estate professionals to report beneficial owners of entities and trusts engaging in "all cash" transactions or trust transfers within 30 days of closing, expanding beyond the current Corporate Transparency Act (CTA) obligations. The rule also affects attorneys involved in these transactions, potentially compromising attorney-client privilege due to new reporting responsibilities.

READ: FinCEN’s Proposed Oversight of 'All-Cash' Real Estate Deals Impacts Attorneys

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