FinCEN Final Rule: New Residential Real Estate BOI Reporting Requirements, Compliance Obligations, Industry Impact
Nationwide Scope, Covered Entities and Property Transfers, Exemptions, Penalties, CTA Interaction, and More
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE webinar will guide practitioners through the Department of the Treasury's Financial Crimes Enforcement Network's (FinCEN) long-awaited final rule to increase transparency in non-financed residential real estate transactions that will significantly impact covered real estate entities with extensive new reporting obligations. The panel will address who is covered by the new rule, the reporting requirements, and best practices to prepare for compliance.
Outline
- Introduction to the final rule
- Purpose
- Bank Secrecy Act
- Residential Real Estate GTO Program
- The final rule
- Covered transfers of residential real property
- Reporting requirements
- Reporting persons
- Report filing and recordkeeping
- Exemptions
- Penalties for noncompliance
- Interaction with the Corporate Transparency Act
- Compliance timeline
- Next steps: preparing for compliance obligations
- Practitioner takeaways
Benefits
The panel will review these and other important considerations:
- Who are required reporting entities? Reporting persons?
- What information will be required to be reported?
- Who are the reportable transferees and to what residential real estate transactions does the final rule apply?
- What interaction does the final rule have with the CTA?
- What steps should counsel and their clients take now to prepare for compliance?
Faculty
Jonathan N. Halpern
Partner, White Collar Defense and Investigations
Holland & Knight
Mr. Halpern represents corporations and individuals in investigations and prosecutions spanning a breadth of criminal... | Read More
Mr. Halpern represents corporations and individuals in investigations and prosecutions spanning a breadth of criminal issues. He has litigated complex criminal and civil matters, but a substantial portion of his defense practice entails engaging with prosecutors and regulatory lawyers to resolve federal and state criminal and agency investigations for his clients away from the public spotlight. Mr. Halpern represents corporate and individual clients in internal and government investigations in a wide array of criminal, cross-border and compliance issues. Business and educational institutions and individuals turn to Mr. Halpern to represent them in a broad array of matters encompassing financial services; cybersecurity; Foreign Corrupt Practices Act; false claims and other healthcare matters; securities, commodities, and tax, among other issues. He represents clients in federal and state court, as well as in matters involving U.S. Attorney's Offices, New York State Attorney General's Office, New York County District Attorney's Office, U.S. Department of Justice, U.S. Department of the Treasury, SEC, and Commodity Futures Trading Commission. Mr. Halpern is a seasoned litigator who draws on his extensive experience in a wide array of white collar criminal defense matters and as a former federal prosecutor in the Southern District of New York.
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Salvador P. LaViña
Partner, Real Estate Department Chair
Barnes & Thornburg
Mr. LaViña is Barnes & Thornburg’s Real Estate department chair. As a trusted business lawyer and... | Read More
Mr. LaViña is Barnes & Thornburg’s Real Estate department chair. As a trusted business lawyer and adviser, he closes complex transactions and provides strategic advice to his many successful clients. With more than three decades of experience, Mr. LaViña serves as a battle-tested leader who listens attentively and executes client objectives swiftly, whether closing a multistate marquee deal or fixing a local problem. Clients turn to him for guidance with their deal ventures and he has closed or supervised transactions totaling nearly $15 billion dollars over the past decade. Mr. LaViña is a skilled negotiator and communicator with deep experience in virtually all areas of real estate, including acquisitions and sales, joint ventures, multifamily transactions, 1031 exchanges, real estate fund formation, development and construction, public-private and multistate matters, and he is even a licensed broker that works on his own deals. Mr. LaViña also represents developers, builders, brokers, sellers and buyers of high-end residential properties in California, including family offices, high net worth individuals, celebrities, athletes, and others. He is an invited guest speaker throughout the business community on real estate, finance, forecasting and business development topics.
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Marina Olman-Pal
Shareholder, Co-Chair of Financial, Regulatory & Compliance Practice
Greenberg Traurig
Ms. Olman-Pal advises foreign and U.S. financial institutions on a broad range of regulatory matters including... | Read More
Ms. Olman-Pal advises foreign and U.S. financial institutions on a broad range of regulatory matters including licensing, acquisitions, divestitures, compliance with Bank Secrecy Act (BSA)/anti-money laundering (AML) laws and regulations, and compliance with Office of Foreign Assets Control (OFAC) sanctions programs. She counsels a wide range of companies in the financial services sector including, domestic and foreign banks, gaming companies, money services businesses including money transmitters, cryptocurrency businesses, Fintech companies and digital payment companies. Throughout her career, Ms. Olman-Pal has represented clients before U.S. regulators such as the Federal Reserve, OCC, FDIC, FinCEN, OFAC, the Florida Office of Financial Regulation and other state supervisory authorities. She also regularly develops anti-money laundering programs for a wide range of financial services businesses and non-financial services businesses including, U.S. and foreign companies active in industries such as real estate, hospitality, automotive and artificial intelligence, among many others.
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