The Financial Crimes Enforcement Network (FinCEN) has announced an extension of the BOI reporting deadlines that were originally set for March 21, as part of the Corporate Transparency Act (CTA). This regulation, aimed at combating financial crimes, requires certain businesses to file reports starting January 2024. Although title insurance companies are exempt, the American Land Title Association (ALTA) indicates that the extended guidelines may affect the title and settlement services industry as regulations evolve, particularly concerning anti-money laundering (AML) requirements for real estate transactions, with potential legal challenges foreseen.
‘The Treasury's announcement could still impact the title and settlement services industry... the new guidelines may lead to enhanced scrutiny on AML regulations,’ ALTA explained.
‘While this latest announcement doesn't directly affect the AML rule, it could impact ALTA's ability to obtain further relief... as the data provided becomes more valuable,’ ALTA stated.
#financial-regulation #corporate-transparency-act #anti-money-laundering #real-estate #title-insurance
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