Tag Archives: Money laundering

Beneficial owner reporting: What business owners need to know

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Wealth manager Michael Conticelli writes that agents must understand ownership rights to ensure they are using correct documentation and contracts for legal compliance. Continue reading →

Treasury releases proposed rule for reporting all-cash luxe sales

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Real estate professionals who handle closings and settlements will be required to report information to the Treasury’s Financial Crimes Enforcement Network when an all-cash residential sale is made to shell companies, legal entities and trusts. Continue reading →

Miami luxury agent sentenced to 3.5 years in prison for PPP fraud

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Daniela Rendon was sentenced on Thursday after having misused hundreds of thousands of dollars in pandemic relief funds for her own personal luxury purchases, claiming that at the time “everybody” was doing it, according to reports. Continue reading →

Tighter federal regulations coming to luxury real estate market soon

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The U.S. Treasury Department is poised to enact expanded reporting measures on luxury home sales, putting an end to anonymous purchases that have enabled oligarchs, terrorists and others. Continue reading →

Fed, other regulators crack down on money laundering

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Uncle Sam is getting serious about illicit money laundering, especially as it applies to real estate. Here’s what the Fed and four other regulatory agencies are doing to take action against financial crimes that affect our industry every day. Continue reading →

Treasury expands cash buyer rules beyond luxury real estate

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The U.S. Treasury Department is expanding previous regulations to more U.S. counties and lowering the sales price threshold for reporting. Continue reading →