ALTA throws support behind Fidelity in FinCEN lawsuit
Briefly

ALTA throws support behind Fidelity in FinCEN lawsuit
"Filed in May 2025, the suit challenges FinCEN's anti-money laundering rule, which requires title firms to report specific details on all-cash home purchase transactions. These include the names, addresses, dates of birth, citizenship status and ID numbers of all people involved including minors, payment details and information about trusts and entities that are purchasing the property. The rule was promulgated under the Biden administration and is set to go into effect in December 2025."
"In its proposed brief, ALTA tells the court that complying with FinCEN's new reporting requirements will cost far more than the agency's estimate of roughly $560 million, as the reporting forms, which have over 110 data fields half the number of fields required by the existing Geographic Targeting Order forms will require the industry's numerous small businesses to hire more staff and invest in new technology."
"ALTA also notes that while FinCEN assumed minimal training would be needed, it argues this couldn't be farther from the truth. Putting aside that FinCEN only estimated another 30 minutes of training for the Report, FinCEN failed to acknowledge the simple, basic point of the commentators: the lack of anti-money laundering reporting experience coupled with the complexity of the Rule and Report will require many hours of training, the filing states."
ALTA filed suit in May 2025 challenging FinCEN's anti-money laundering rule requiring title firms to report detailed information on all-cash home purchases, including names, addresses, dates of birth, citizenship status, ID numbers (including minors), payment details, and trust/entity data. The rule, issued under the Biden administration, is slated to take effect in December 2025. Defendants include FinCEN, the Department of the Treasury and named officials. ALTA contends compliance costs far exceed FinCEN's $560 million estimate due to over 110 data fields, staffing and technology needs, insufficient authority to collect beneficial-ownership information, underestimated training requirements, and added data-security storage costs.
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