A proposed FinCEN rule could find lenders and REALTORS looking for Certified Anti-Money Laundering Specialists (CAMS) as the preferred means of compliance. Fortunately, the FAN family is CAMS certified!

FAN received their CAMS certification in 2019 through the Association of Certified Anti-Money Laundering Specialists (ACAMS) certification program. It’s a priority to renew every few years, as well. Our own Amy Gregory (CAO/President), Jay Roberts (CTO) and Andrea Somers (Operations Manager) spearheaded the initiative for FAN, and are responsible for maintaining our certification.

CAMS is a professional credential, considered a global benchmark for professionals working in the anti-money laundering (AML) field. ACAMS is an international membership organization dedicated to providing opportunities for anti-financial crime education, best practices, and peer-to-peer networking globally.

To earn the CAMS Certification from ACAMS, professionals must pass a proctored exam. Becoming CAMS-certified distinguishes agents as an authority on AML and counterterrorist financing and enables them to better mitigate financial crime risks in the real estate transaction.

Proposed FinCEN rule would expand Geographic Targeting Orders

Earning the certification is particularly significant in light of the Financial Crimes Enforcement Network (FinCEN) issuance of a Notice of Proposed Rulemaking (NPRM) in February that expands the agencies Geographic Targeting Orders (GTOs).

Since 2016, FinCEN has issued GTOs for specific markets that were deemed to be rife with efforts to launder money through real estate transactions. The GTOs required that title, closing and escrow agents in specific regions report specified data for all-cash sales that exceeded a specific amount.

NPRM seeks to expand reporting requirements to the entire country and increases the amount of information that must be included when reporting.

As proposed, a transfer of residential real property would be reported only if at least one of the new owners of residential real property is a “transferee entity” or “transferee trust.” These categories are defined broadly to capture a wide variety of legal vehicles used to own property, such as limited liability companies, corporations, partnerships, and trusts. Both domestic and foreign entities and trusts would be covered by the reporting requirement.

Increased responsibilities under new rule would make CAM certification even more relevant

The increased responsibility for identifying and reporting under the proposed rule makes it imperative that title agents be thoroughly trained and compliant in these increasingly complex regulations. The CAMS certification is a pathway for agents to increase their knowledge and expertise in this area.

In recent years, financial crime has been on the rise with governmental agencies increasing compliance requirements across the full spectrum of the U.S. financial industry. The CAMS Certification training outlines the key principles of money laundering, and how to prevent it.

According to ACAMS, it takes approximately four months to become certified and helps agents to not only meet AML training requirements, but to also more effectively safeguard against financial and reputational damage.

At FAN, we maintain the highest standards in providing title, escrow and closing services throughout Florida, and in addition, we are dedicated to protecting the integrity of the real estate transactions we manage. Contact us today to learn how we can help you with your next transaction.