Going forward, any purchases of residential property in the US over USD $300,000 must now report the sale and the ultimate beneficial owners to the US Treasury’s Financial Crimes Enforcement Network (FinCEN). The regulation is in force for insurance companies in 12 areas within the US considered to be states with high rates of money laundering.
Previously, the threshold for property value were much higher (USD $3 million), and applied to only 6 areas. The following circumstances now also fall under the reporting requirement:
• Purchases made with virtual currencies.
• Purchases made with currency & bank account funds.
• Purchases made without the help of a loan.