Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Financial Crimes Enforcement Network relating to "Anti-Money Laundering Regulations for Residential Real Estate Transfers".

Summary

Cancels a Treasury/FinCEN rule that would have applied anti‑money‑laundering requirements to residential real‑estate transfers and stops that rule from taking effect. It directs that the rule (published Aug. 29, 2024) not go into force and, under the usual effect of such disapproval, prevents the agency from issuing a substantially similar rule without new congressional authorization.

• Disapproves and nullifies FinCEN’s "Anti‑Money Laundering Regulations for Residential Real Estate Transfers" rule and prevents it from taking effect.
• Removes the specific compliance obligations the rule would have imposed on residential real‑estate transactions and related service providers.
• Likely blocks FinCEN from issuing a substantially similar rule in the future without new Congressional authorization (the usual effect of such disapprovals).
• Reduces potential administrative and verification costs for homebuyers, sellers, real‑estate brokers, title and closing agents, and some financial institutions.
• May limit a regulatory tool intended to help detect and trace illicit funds that move through residential real‑estate markets.
• Does not create new spending, change tax law, or directly alter other anti‑money‑laundering authorities.
• Shifts the balance between privacy/transaction burden concerns and law‑enforcement/AML objectives in residential real‑estate transactions.