What will happen when the new FinCEN reporting rule takes effect Dec. 1, 2025? Industry veteran Ruth Dillingham, Esq. had no shortage of invaluable insight for attorneys, title & settlement agents, estate planners, financial planners, trust officers, Realtors and more about their role in accordance with the cascade of reporting responsibilities outlined in the rule. They also explore the implications for builders, developers, trusts, estate planning and even transactions involving cryptocurrencies. The conversation also delves into data privacy and security considerations, and what industry leaders will need to pay attention to in the months ahead to be in compliance.
Chapters:
00:00 Introduction to FinCEN Reporting
05:32 Understanding the USA PATRIOT Act and Money Laundering
08:14 Implications for Estate Planning and Trusts
11:01 For Real Estate Agents and Attorneys
19:12 The Cascade of Reporters
21:50 Settlement Agents vs. Title Underwriters
24:15 Practical Tips for Compliance
29:43 Addressing Client Concerns and Objections
39:51 The Importance of Early Data Collection
42:03 Managing Personal Information in Real Estate
42:53 Understanding Reporting Requirements and Data Retention
46:15 Vendor Management and Data Security
58:33 Cryptocurrency Transactions and Reporting
01:01:50 Understanding Reporting Errors and Penalties
01:05:46 Preparing for Efficient Reporting Processes
01:08:35 Cost Considerations in Reporting Compliance
For more on this guest and topic:
Ruth’s guest blog article: https://www.octoberresearch.com/blog
Learn more about our publications: https://www.octoberstore.com/publications
Sign up for free eNews: https://www.octoberresearch.com/october-research-publications
Get In Touch…
Via Email:
Ruth Dillingham (Guest) rdillingham@dillinghamconsultingllc.com
Mary Schuster (Host), mschuster@octoberresearch.com
To find more episodes of “Keys to Real Estate” or learn more about October Research – the nation’s leading independent provider of market intelligence, industry news, expert analysis and regulatory information for professionals in the real estate, title, financial and settlement services industries – visit www.OctoberResearch.com.
Episode sponsored by Closinglock – https://www.closinglock.com
Episode produced by October Research – https://www.octoberresearch.com