"FinCEN reporting is no longer a geographic specific requirement, it is becoming a routine part of residential real estate transactions nationwide, said Don O'Neill, chief compliance officer and deputy general counsel for WFG. This Rule spans all 50 states and thousands of recording jurisdictions. The industry needs solutions that are both legally sound and operationally practical. Our goal is to help customers meet their obligations without adding friction to the closing process."
"Teams are preparing now so they are fully operational on day one, said Steve Ozonian, president and CEO of Williston Financial Group. We see compliance and technology as interconnected. When done right, they increase transparency, reduce risk and ultimately improve the customer experience. In addition to reporting tools, WFG said it's offering educational materials, exemption checkers and client-facing explanations to help agents and consumers understand the new requirements."
FinCEN reporting now applies nationwide to residential real estate transactions across all 50 states and thousands of recording jurisdictions, creating a routine reporting obligation. Civil and criminal penalties for non-compliance can include fines up to $5,000 per day. WFG offers a reporting service powered by Advalis' FinCENRealEstateReport.com platform that automates data collection, validates entries to federal standards, tracks deadlines, and submits filings. The system integrates into title workflows and manages buyer and seller outreach, data validation, and FinCEN filing on behalf of the reporting party. WFG has implemented the tools internally, is preparing teams to be operational on day one, and provides educational materials and exemption checkers to assist agents and consumers.
Read at www.housingwire.com
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