The Legal Description Website: FinCEN webinar (anti money laundering)
https://www.thelegaldescription.com/tld/watch-demo-orw020526.aspx
SCR forms update in March will cover FinCEN in the contract and there will be a standalone FinCEN form.
While this federal FinCEN (Financial Crime Enforcement Network) federal anti-money laundering (AML) law enforcement website reporting is a large lender (bank) and closing attorney duty to report, the closing attorneys will need information from the parties regarding certain transactions in order to close.
So you educating your parties to help the closing attorneys can help the closing occur.
Certain transactions:
residential
+ cash or private lending (not bank)
+ entity party (e.g., LLC, corporation, trust, anything without the party’s name)
The federal law enforcement is building a secure federal database of information regarding who owns these entities, which are dealing in real estate so the feds can compare with known criminals (e.g., illegal drug dealers, terrorists) and combat illegal money laundering using real estate transactions.
Posted by: Byron King on 2/12/26 (This information is only accurate as of 2/12/26. You must contact SCR for updates and changes to this information after 2/12/26, as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org or email byron at screaltors.org)
This information is not legal advice. This information is intended only to provide general information and may not be relied upon as specific legal guidance. Legal counsel should always be consulted before acting in reliance on this information.