Real Estate

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Real Estate

FinCEN Continues Emphasis on “Know Your Customer” Money Sources – This Time, Secret Real Estate Buyers

On January 13, FinCEN announced new rules targeting secret buyers of high-end real estate properties. From March 1 through August 27 of this year, FinCEN is requiring U.S. title insurance companies to report the identity of the beneficial owners of LLCs and other shell companies who exclusively use cash to purchase high-end real estate in two locations—Manhattan and Miami. This is the first time the federal government is requiring real estate companies to disclose the identities of purchasers in all cash transactions.