Professional Builder
On November 15, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) toughened regulations on all-cash real estate transactions, requiring greater transparency for high-end buyers and sellers.
U.S. title companies must now state the names of individuals behind limited liability (LLCs) or shell companies making an all-cash residential home purchase of $300,000 or more, Fortune Magazine reports. FinCEN also expanded the definition of “all-cash purchases” to now include bitcoin and other virtual currencies. The disclosure requirement updates and expansions are part of an effort to better track money laundering and other illegal activities funneled through real estate transactions, and purchases made through LLCs.
