What is the purpose of FinCEN’s proposed Anti-Money Laundering Regulations for Residential Real Estate Transfers?
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To combat money laundering in high-value residential real estate, especially all-cash deals and luxury properties, by increasing oversight and requiring reporting of beneficial owners.
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What information must real estate professionals collect under the proposed FinCEN rule?
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They must identify buyers, verify the source of funds, and report beneficial owners (those owning 25%+ of a legal entity) to detect and prevent money laundering.
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What are the three steps in the money laundering process, and what occurs in each?
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1) Placement – introduce illegal funds into the financial system (e.g., small deposits or money orders).
2) Layering – distance funds from their source via multiple transactions.
3) Integration – make the illicit funds appear legitimate, such as through a real estate purchase.
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How can MLOs mitigate AML risk in real estate transactions?
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By understanding normal transaction progress, identifying unusual patterns, recognizing red flags, verifying funds, and reporting suspicious activity to authorities when necessary.
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Transcript
What is the purpose of FinCEN’s proposed Anti-Money Laundering Regulations for Residential Real Estate Transfers?
Flip flashcard to reveal answer
The correct answer is...
To combat money laundering in high-value residential real estate, especially all-cash deals and luxury properties, by increasing oversight and requiring reporting of beneficial owners.
Back to Question
Next card
What information must real estate professionals collect under the proposed FinCEN rule?
Flip flashcard to reveal answer
Previous card
The correct answer is...
They must identify buyers, verify the source of funds, and report beneficial owners (those owning 25%+ of a legal entity) to detect and prevent money laundering.
Next card
Back to Question
What are the three steps in the money laundering process, and what occurs in each?
Flip flashcard to reveal answer
Previous card
The correct answer is...
1) Placement – introduce illegal funds into the financial system (e.g., small deposits or money orders). 2) Layering – distance funds from their source via multiple transactions. 3) Integration – make the illicit funds appear legitimate, such as through a real estate purchase.
Next card
Next card
Back to Question
How can MLOs mitigate AML risk in real estate transactions?
Flip flashcard to reveal answer
Previous card
The correct answer is...
By understanding normal transaction progress, identifying unusual patterns, recognizing red flags, verifying funds, and reporting suspicious activity to authorities when necessary.
Back to Question
question
Flip flashcard to reveal answer
Previous card
The correct answer is...
Answer
Next card
Back to Question
question
Flip flashcard to reveal answer
Previous card
The correct answer is...
Answer DELETE "NEXT CARD" on the bottm right from the last flashcard
Back to Question