About this Event
This class provides an in-depth overview of the Financial Crimes Enforcement Network (FinCEN), its legal authority, purpose, and impact on financial transactions, particularly in the real estate sector. Participants will explore the mechanisms of money laundering, the role of Geographic Targeting Orders (GTOs), and the new rules for reporting all-cash residential real estate transactions. The course will cover:
- Introduction to FinCEN: History, mission, and legal framework under the Bank Secrecy Act and Anti-Money Laundering Act of 2020.
- Money Laundering Process: Steps involved in laundering money and its connection to real estate transactions.
- Geographic Targeting Orders (GTOs): Purpose, scope, and reporting requirements for title insurers and settlement agents.
- New Reporting Rules: Detailed requirements for reporting transaction, buyer, seller, and payment information, including beneficial ownership details.
- Exempt Transactions: Types of real estate transfers excluded from reporting.
- Recordkeeping and Compliance: Guidelines for maintaining records and certifications for five years.
- Penalties for Non-Compliance: Criminal and civil liabilities for violations, including fines and imprisonment.
- Impact on Industry: Cost estimates, training requirements, and workflow implications for settlement agents and title insurers.
By the end of the class, participants will understand FinCEN’s role in combating financial crimes, the importance of compliance with anti-money laundering regulations, and the practical steps required to meet reporting obligations. This course is ideal for professionals in real estate, finance, and legal sectors.
Event Venue & Nearby Stays
KW DTC North Training Room, 6300 South Syracuse Way, Englewood, United States
USD 0.00
