Anti-Money Laundering Regulations for Residential Real Estate Transfers

Forms and Documents

Document Name	Status
RRESupportingStatement_DRAFT_clean_04.25.2025.docx Supporting Statement A	2025-06-03

IC Document Collections

IC ID	Document Title	Status
265249	Real Estate Report (RER) Other-Appendix of data fields for form	Modified

ICR Details

OMB Control No: 1506-0080	ICR Reference No: 202506-1506-001
Status: Received in OIRA	Previous ICR Reference No: 202408-1506-006
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Anti-Money Laundering Regulations for Residential Real Estate Transfers
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 06/05/2025

	Requested	Previously Approved
Expiration Date	36 Months From Approved	12/31/2027
Responses	850,000	850,000
Time Burden (Hours)	4,816,667	4,604,167
Cost Burden (Dollars)	0	0

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Abstract: FinCEN is issuing this statement to support its request that the Office of Management and Budget (OMB) approve the Real Estate Report (RER) — the form that will be used to collect information about certain residential real estate (RRE) transfers, as required by the Anti-Money Laundering Regulations for Residential Real Estate Transfers final rule, hereafter referred to as the Residential Real Estate Rule (RRE Rule). FinCEN issued the RRE Rule on August 29, 2024, and the RRE Rule has an effective date of December 1, 2025. Briefly, the RRE Rule requires certain persons involved in real estate closings and settlements (reporting persons) to submit reports to FinCEN and keep records on certain non-financed transfers of residential real property. Reporting from the RRE Rule is expected to curtail the ability of illicit actors to launder illicit proceeds anonymously through transfers of residential real property, which threatens U.S. economic and national security. More broadly, this reporting is expected to assist the U.S. Department of the Treasury (Treasury), law enforcement, and national security agencies in addressing illicit finance vulnerabilities in the U.S. residential real estate sector. The RRE Rule describes the circumstances in which a report must be filed, who must file a report, what information must be provided, and when a report is due.

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Authorizing Statute(s): US Code: 31 USC 5311-5314 and 5316-5336 Name of Law: The Bank Secrecy Act
   US Code: 12 USC 1829b and 1951-1960 Name of Law: The Bank Secrecy Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 89700	11/13/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	90 FR 23991	06/05/2025
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Real Estate Report (RER)

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ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	850,000	850,000	0	0	0	0
Annual Time Burden (Hours)	4,816,667	4,604,167	0	0	212,500	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: FinCEN estimates a change in burden to include incremental costs unique to the RER and the filing mechanism by which reporting persons provided FinCEN with the information required by the RRE Rule. FinCEN estimates the total annual burden hours to be consequently increased by 212,500 hours from 4,604,167 hours to 4,816,667 hours. FinCEN bases these increases on the estimated time to complete, review, and transmit the RER from an initially projected 30 minutes to 45 minutes. In addition, FinCEN has added an annual one-time burden of 50 minutes per each 172,753 estimated reporting persons to account for technology and training time costs independent of transaction or reporting volume. FinCEN has added these additional burden hours in order to achieve a more accurate estimation of the total annual burden.

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Annual Cost to Federal Government: $8,500,000

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     Yes

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 06/05/2025

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