4 tips to prepare your cash buyer clients for FinCEN regulations

  • Buyers should use a legitimate company to avoid the appearance of money laundering.
  • The GTOs are specifically intended to flag purchases made without a bank loan or other similar forms of financing, especially all-cash purchases.
  • When in doubt, get professional advice.

In August 2016, we will see the second phase of a program launched by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) as it released a statement in July explaining that the program was created to identify anonymous individuals who tried to bypass the law, cover up their identities or assets and buy property through shell companies in an effort to skate on financial sanctions and taxes.