WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) said it will publish a proposed rule that would require reports and recordkeeping on certain transfers of real estate properties to specified legal entities and trusts.
The proposal does not cover transfers made directly to individuals, according to America’s Credit Unions.
The proposed rule describes when a report must be filed, who must file a report, what information must be provided, and when a report is due.
FinCEN issued an advance notice of proposed rulemaking on this topic in December 2021.
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