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NAR has just posted to nar.realtor a paper entitled: Anti-Money Laundering Guidelines for Real Estate Professionals. The fact sheet and suggested voluntary guidelines were developed over the past several months in collaboration with the U.S. Department of the Treasury. In February of this year, Treasury issued regulations for non-bank financial institutions requiring certain plans and documentation for anti-money laundering actions. At that time Treasury exempted the real estate industry from the regulations because most cash involved in real estate transactions is regulated through other entities.
However, Treasury said it would work with the real estate industry to develop educational materials and to learn more about the industry for possible future regulation. NAR is offering the fact sheet and suggested guidelines as part of an industry-wide effort to educate real estate professionals on the dangers of money laundering, common sense tips to be on the look-out for money laundering transactions and what steps to take if you become suspicious or if you are asked to handle certain combinations of cash and cash instruments.