A joint resolution disapproving the rule submitted by the Financial Crimes Enforcement Network relating to "Anti-Money Laundering Regulations for Residential Real Estate Transfers".

# Summary of S.J.RES. 15 **What the Bill Would Do** This bill would cancel a rule created by the Financial Crimes Enforcement Network (FinCEN), a Treasury Department agency, that went into effect in August 2024. That rule requires real estate professionals involved in closing property sales to report cash purchases of homes to FinCEN when buyers use certain types of legal entities or trusts instead of buying in their own names.

If passed, this bill would eliminate that reporting requirement. **Who It Affects and Key Details** The rule primarily affects real estate agents, title companies, and others involved in closing home sales. It targets all-cash residential property purchases made through legal structures like shell companies or trusts, which the government says can be used to hide money laundering and other financial crimes. Supporters of the rule argue it helps law enforcement track suspicious transactions, while opponents claim it creates unnecessary burdens on the real estate industry and raises privacy concerns for legitimate buyers using trusts for legal reasons. **Current Status** The bill was introduced by Senator Mike Lee (R-UT) and is currently in committee, meaning it has not yet been voted on by the full Senate.