FinCEN's anti-money laundering rule struck down now what?

"FinCEN clearly has the authority to regulate persons involved in real estate transactions, requiring them to establish a BSA compliance program and file suspicious activity reports."

"The AML rule, which took effect March 1, mandated reporting for any non-financed residential real estate transfer where ownership was held by an entity or trust with no geographic or price threshold."

"Flowers Title Companies LLC challenged the AML rule under the Administrative Procedure Act, arguing that FinCEN lacked authority under the Bank Secrecy Act to impose such sweeping reporting requirements."

"The 2020 Anti-Money Laundering Act gave FinCEN additional authorities, including the ability to impose reporting requirements in a streamlined and non-complex manner."

FinCEN regulates real estate transactions by requiring compliance programs and suspicious activity reports. The AML rule mandates reporting for non-financed residential real estate transfers held by entities or trusts. Legal challenges to this rule may follow patterns seen with the Corporate Transparency Act. Flowers Title Companies LLC argued that FinCEN lacked authority for these requirements, while a separate challenge upheld the rule. The 2020 Anti-Money Laundering Act expanded FinCEN's authority to impose streamlined reporting requirements.

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