Under the proposed rule, certain persons involved in real property closings and settlements could be required to report on sure transfers that Treasury deems high danger for illicit monetary activity—namely, non-financed transfers of residential actual property to authorized entities and trusts. Some expressed concern about FinCEN’s legal authority to impose a reporting requirement within the manner set forth in the proposed rule. Other commenters argued that the proposed reporting requirement would be ineffective, burdensome, or would require reporting of knowledge that is reported to the government by way of different avenues.
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The last rule also does not adopt the suggestion to exclude foreclosure gross sales, though FinCEN notes that foreclosures courtroom proceedings whereby a lender obtains a judgment to foreclose on property would be excluded beneath the exception for transfers required by a court docket within the United States. However, FinCEN acquired several feedback suggesting that FinCEN make clear or in any other case amend sure other exceptions, together with those proposed for demise, divorce, and bankruptcy. One legal association instructed that FinCEN broaden the proposed exceptions for divorce, death, or chapter to incorporate transfers to sure specific kinds of trusts. One State bar association instructed that the rule build on the exceptions for demise and divorce by excepting any transfers made in connection with a court-supervised authorized settlement.
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