The Rules are designed to increase sectoral transparency, limit opportunities for anonymous money laundering and bolster law enforcement investigative capabilities.
The Final Residential Real Estate Rule will require certain industry professionals to report information to FinCEN about non-financed transfers of residential real estate to a legal entity or trust, which present a high illicit finance risk.
The Final Investment Adviser Rule will commonly apply AML/CFT obligations to SEC-registered investment advisers which are SEC-registered or exempted from SEC reporting requirements as well as those that report to the SEC as exempt reporting advisers.
Firms in the Residential Real Estate and Investment Adviser Sectors with U.S. operations should review the new FinCEN Rules and take any required operational actions.
Fraud
Advisory and Transformation
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