🏠New FinCEN Regulations on Real Estate Reporting Requirements
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Real Estate Reports
Summary
The Department of the Treasury, on behalf of the Financial Crimes Enforcement Network (FinCEN), will submit the Real Estate Report (RER) information collection request to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995 (PRA), on or after the date of publication of this notice. The details included in the information collection are listed below. The public is invited to submit comments on this information collection request.
Agencies
- Treasury Department
Business Impact
$$$ - High
This content highlights new reporting requirements under the RRE Rule aimed at real estate transactions, mandating compliance from various business entities involved in such dealings. Businesses must prepare to submit Real Estate Reports to FinCEN, impacting compliance processes and potentially incurring new costs.