AML, or anti-money laundering, is a big part of financial regulations that aim to reduce illegal funds going through complex transactions and hiding their original source or ultimate destination.
Multiple agencies—and entities such as banks, insurance firms, brokerages, corporations, and many more—must pay attention to tracing where funds come from and go to. Now, plans of the Biden administration are likely to make things more complicated in the commercial real estate realm.
The Financial Crimes Enforcement Network, or FinCEN, a bureau of the Treasury, announced on Monday that it was looking for public comments on a potential rule that would address potential money laundering in real estate that has been paid for in cash.
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