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Proposed Money Laundering Rule for Real Estate Coming Soon
The new rule set to be released in early 2024 by the Financial Crimes Enforcement Department will require real estate professionals to report anyone who pays all cash for real estate. Eric Young elaborates in a Globest article, “Proposed Money Laundering Rule for Real Estate Coming Soon,” how this new rule will also tighten the loophole between the current anti-money laundering risks and our national security.
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Eric Young
Senior Managing Director
Eric T. Young advises highly regulated organizations on reengineering compliance, ethics, and regulatory technology programs to enable reputable and sustainable business growth. He has deep regulatory experience having spent close to 40 years in chief compliance officer roles at some of the world’s largest institutions, including five global banks. Throughout his career, Mr. Young has remediated and transformed corporate compliance programs and financial crime compliance programs including sanctions; integrated compliance and ethics cultures between regions, countries and companies to ensure consistency across enterprises; built compliance budgets; enhanced reporting; created governance frameworks and risk assessment, monitoring and testing programs; closed compliance gaps; restructured compliance teams; and mentored junior staff to create a pipeline of future compliance leaders and enable grassroots compliance ideas, solutions and digital upgrades.
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