Description

FinCEN is the federal agency that tracks money to prevent financial crimes. They don’t care about your listing photos — they care about who’s behind certain cash purchases. Starting March 1, some of those transactions now require reporting. **Clear. Calm. Not scary.** FinCEN stands for Financial Crimes Enforcement Network. It is a bureau of the Financial Crimes Enforcement Network which operates under the U.S. Department of the Treasury. Translation? They track money to prevent: *Money laundering *Terrorist financing *Fraud *Shell company abuse *Hidden beneficial ownership They don’t regulate real estate directly. They regulate financial transparency. Real estate just happens to be one of the biggest places people move money. What Are They Doing Now? Starting March 1: *Certain non-financed residential real estate transactions involving entities or trusts will require reporting to FinCEN. Basically: * If someone buys residential property without a loan and through an entity (LLC, corporation, certain trusts), someone in the transaction has to file a report identifying the beneficial owner. *It’s about transparency. *Not taxes. *Not new fees. *Not stopping deals. ***It’s about knowing who is actually behind the purchase.*** Class available HYBRID. Instructors: Matt Chance Cardinal Title and Michelle Macia Coastal Lending Team

This is an infomational session only - this is not approved for CE credit