FNF is challenging new Anti-Money Laundering Regulations that will require extensive reporting on all-cash home purchases, arguing that the rule is arbitrary and intrusive. Set to take effect in December 2025, the regulations would dramatically increase disclosure reports by up to 800,000 annually, incurring costs of up to $690 million in the first year alone. The lawsuit claims the rule exceeds FinCEN's authority as it mandates reporting on all transactions rather than just suspicious ones, posing a significant burden on title firms without justifiable benefit.
The complaint argues that the rule imposes excessive reporting requirements on title firms, leading to increased costs and privacy intrusions without achieving significant benefits for combating money laundering.
FNF contends that FinCEN's rule dramatically expands the annual volume of required disclosure reports, resulting in burdens that far exceed the anticipated benefits of deterring financial crime.
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