Anti-Money Laundering Regulations for Insurers in Residential Real Estate Transfers

The Financial Crimes Enforcement Network at the Treasury Department will soon issue a notice of proposed rulemaking that would require certain insurance companies involved in real estate closings and settlements to submit reports and keep records on identified non-financed transfers of residential real property to specified legal entities and trusts on a nationwide basis. Transfers made directly to an individual would not be covered by this proposed rule.

The proposed rule describes the circumstances in which a report must be filed, who must file a report, what information must be provided, and when a report is due. The requirements for reports by insurance companies of suspicious transactions are detailed in 31 U.S.C. § 1025.320.

NAMIC will review this proposed rule and will work with interested member companies on comments.