A new rule is moving quickly down the pipeline from the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), and time is running out to get compliant.
The new rule, intended to replace previously-issued geographic targeting orders with a comprehensive residential real estate transaction reporting requirement, is set to go into effect Dec. 1.
In the Countdown to Compliance: FinCEN’s Residential Rule Explained webinar, guest speakers dive into the details of the rule, as well as the key role title agents will play in identifying risk, compliance guidelines, legal challenges against the rule and many more.
Leading the discussion are Amy Gregory, president of the Florida Agency Network, and T.J. Harrington, senior vice president national product and sales enablement
with Stewart Title Insurance Co. The discussion is moderated by Leslie Wyatt, director of regulatory compliance with SoftPro.
Despite several legal challenges against FinCEN’s upcoming rule, Harrington explained that impacted businesses should not rely on the rule’s enforcement deadline being delayed or canceled.
“There’s still a little bit of uncertainty as to whether those (lawsuits) prevail or whether that causes a delay, but after having spoken to the regulators on it, they are very seriously targeting that December first date with no delays,” Harrington said. “So, we need to have a readiness plan in place.”
To watch the full webinar, follow this link and fill out the form on the right-hand side of the page.