Title and Settlement Companies Face Substantial Cost to Comply With FinCEN’s AML Real Estate Rule
May 15, 2025
FinCEN’s final rule requiring certain industry professionals to report information to the agency about non-financed transfers of residential real estate to a legal entity or trust will have a significant financial and process impact on title and settlement companies. FinCen estimates the rule will require about 800,000 to 850,000 reports will need to be filed annually. Read on to learn much time it's estimated to gather and report this information, how much the regulation will cost the industry and what changes ALTA has suggested FinCEN make to the rule. ALTA will host a two-day virtual bootcamp to help title and settlement companies prepare for the rule.
Contact ALTA at 202-296-3671 or [email protected].