GIR: As AML regs advance, the real estate industry faces a fork in the road

Five years ago, the US Treasury Department's anti-money laundering branch launched a relatively narrow rule to help track anonymous buyers who purchase luxury real estate. Now, amid growing calls for change, the Financial Crimes Enforcement Network wants to expand its oversight of the industry.

FRA Partner and former FinCEN deputy director, Charlie Steele, shares his thoughts with GIR on FinCEN's proposed new regulations for the real estate market, commenting "This is clearly part of a fully thought through, very systematic and structured all-of-government approach to fighting corruption."

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