An anti-money laundering rule in the works since December 2021, the Residential Real Estate Transaction Reports and Records, which was expected in final version in the mid-third or fourth quarter of this year, might appear soon this month, according to a Reuters report.
There are many anti-money laundering regulations in effect for different sectors of the economy. Banks, for example, has a number of actions they must take as a normal course of business, such as getting proof of a new depositor's identity or reporting transactions over certain thresholds.
The upcoming rule is focused on real estate over concerns of how large cash property transactions can be a form of money laundering.
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