FinCEN AML Filing Regs Published

A recent report cited that almost 50 billion francs are held in 1,000 franc notes, which is over half of all the Swiss cash in circulation.

Posted Wednesday, August 28, 2024 4:26 pm

Treasury’s Financial Crimes Enforcement Network (FinCEN) issued two rules to help safeguard the residential real estate and investment adviser sectors from illicit finance. The investment adviser rule is slated to go into effect in January 2026. Its residential real-estate rule is scheduled to begin in December 2025.

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.

Only one party to the real estate transaction is required to file, expected to be designated in the closing documents.

The final investment adviser rule will apply anti-money laundering/countering the financing of terrorism (AML/CFT) requirements—including AML/CFT compliance programs and suspicious activity reporting obligations—to certain investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC), as well as those that report to the SEC as exempt reporting advisers.

Certain midsized advisers, family offices and pension consultants will remain exempt in the new rules. Foreign advisers can avoid jurisdiction unless a US adviser or client is involved.

• Residential Real Estate Fact Sheet: https://www.fincen.gov/sites/default/files/shared/RREFactSheet.pdf
• Residential Real Estate Frequently Asked Questions: https://www.fincen.gov/sites/default/files/shared/RREFAQs.pdf

• Investment Adviser Fact Sheet: https://www.fincen.gov/sites/default/files/shared/IAFinalRuleFactSheet-FINAL-508.pdf

Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers

Filed on: 08/28/2024 at 8:45 am
Scheduled Pub. Date: 09/04/2024
FR Document: 2024-19260

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