Titlecast Episode 43: FinCEN, Part 7 - Information Collection

​The CLTA is pleased to announce the release of a new Titlecast episode, now available on CLTA’s Members-Only Titlecast education portal.  If you have not yet set up your password, please refer to the information provided at the end of this message.

​FinCEN’s new information collection and reporting regulations are slated to go into effect on December 1, 2025.  The Anti-Money Laundering in Real Estate Rule (Rule) is expected to impact all CLTA members handling sale transactions involving buyer entities or trusts without involving FDIC-insured lenders. The Rule applies nationwide, has no purchase price thresholds, offers limited transactional exemptions, and mandates the collection and reporting of significant amounts of information. 

Though the Rule doesn’t take effect until December 1, CLTA members are strongly encouraged to begin preparations now. In this 10-minute Titlecast, Episode 43:  FinCEN, p7 – Information Collection, explains what information must be collected for reporting and how to gather it effectively.  This presentation stresses collecting the required information early, ensuring it is completed in order to close, and storing it securely in compliance with company policy.  

Members seeking more information about the FinCEN Rule are encouraged to explore CLTA’s educational resources, including CLTA Titlecasts noted below:
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• Episode 34: FinCEN, p1 - Overview of the FinCEN Final Residential Real Estate Rule.  This episode provides a high-level overview of the Final Rule issued by FinCEN regarding residential real estate transactions. 
  
  
• Episode 35: FinCEN, p2 - CLTA’s Considerations for FinCEN Implementation.  ?This episode covers what should be considered in order to take proactive measures to prepare for the FinCEN Rule, like the potential components of a comprehensive implementation plan, possible ways to leverage technology, Bank Secrecy Act e-filing requirements, and more.
  
  
• Episode 38:  FinCEN, p3 – Examining the Definition of “Residential” and “Non-Financed” Under the New Rule.  This episode explores how the Final Rule defines “residential” and “non-financed” transactions and the implications of those definitions.
  
  
• Episode 39:  FinCEN, p4 – Beneficial Ownership.  This episode discusses ways to determine who is a beneficial owner, what an ownership interest is and ways to calculate ownership interest.
  
  
• Episode 40:  FinCEN, p5 – Exempt Transactions. This episode explores what may qualify as an exempt transaction and discusses ways to determine whether a specific transaction falls into that category.
  
  
• Episode 42:  FinCEN, p6 - Operational Strategy for Staff / Customers and Penalites.  This session will cover key considerations for preparing staff to handle collection and reporting requirements under the rule, as well as the penalties for violations.

CLTA members should be on the lookout for additional resources from CLTA in the coming months and are encouraged to begin discussions and sharing information with one another, as well as real estate agents, buyers, sellers, and other interested parties. 
 
CLTA Titlecast episodes are available to Regular, Associate and Affiliate members as a direct membership benefit. Regular and Associate members include anyone employed by a CLTA member title company. Affiliate members are those that have joined from affiliated industries that work closely with title companies.

PLEASE NOTE:  CLTA recently launched an updated website!  The new site offers a more user-friendly experience, improved course navigation, and easier access to the educational resources you have come to rely on.   If you have not already set a password on the new site, click on “Set Password” below and follow the steps:

• Step 1:  Click on:  Reset Your Password
• Step 2:  Enter your company email address
• Step 3:  Then click "Request Password Reset Email"
• Step 4:  You will then be sent an email to set a New Password

If you are a CLTA member and have questions about how to access your profile through CLTA’s website, have a general question about membership, or are interested in joining as a CLTA Affiliate member, please reach out to Cynthia Groom at [email protected].

For questions about Titlecast content, reach out to Heather Starkey at [email protected].