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SJRES 15119th CongressIn Committee
A joint resolution disapproving the rule submitted by the Financial Crimes Enforcement Network relating to "Anti-Money Laundering Regulations for Residential Real Estate Transfers".
Introduced: Feb 5, 2025
Standard Summary
Comprehensive overview in 1-2 paragraphs
This joint resolution would disapprove the final rule issued by the Financial Crimes Enforcement Network (FinCEN) titled “Anti-Money Laundering Regulations for Residential Real Estate Transfers.” The rule, published in the Federal Register on August 29, 2024 (89 Fed. Reg. 70258), would have imposed anti-money-laundering (AML) requirements specifically covering residential real estate transactions. By passing and enacting this resolution, Congress would block that rule from taking effect and ensure it has no legal force or effect. In short, if enacted, FinCEN could not enforce the AML provisions in that rule against residential real estate transfers.
Key Points
- 1Disapproval of FinCEN’s final rule: The joint resolution states Congress disapproves the rule on AML regulations for residential real estate transfers and voids its applicability.
- 2Rule identification: It targets the FinCEN final rule published at 89 Fed. Reg. 70258 on August 29, 2024.
- 3Legislative mechanism: The resolution uses the Congressional Review Act approach, which allows Congress to disapprove federal agency rules and prevent them from taking effect.
- 4Status and referral: Introduced in the Senate on February 5, 2025, by Mr. Lee and referred to the Committee on Banking, Housing, and Urban Affairs.
- 5Effect on AML regulatory framework: If enacted, the specific AML requirements for residential real estate transfers proposed by FinCEN would not be in force, potentially affecting regulatory expectations, compliance costs, and enforcement in that sector.
Impact Areas
Primary group/area affected: Residential real estate buyers and sellers, real estate brokers and agents, lenders and mortgage providers, title and escrow companies, and AML/compliance professionals involved in real estate transactions.Secondary group/area affected: FinCEN and federal financial-crime enforcement regimes; banks and financial institutions that would have implemented the AML rule; and policymakers evaluating AML effectiveness in real estate.Additional impacts: Potential changes in regulatory burden and compliance costs for market participants; potential effects on transparency and detection of illicit activity in real estate transactions; possible shifts in how AML risks in real estate are addressed at the federal level.
Generated by gpt-5-nano on Nov 19, 2025