FinCEN Overview

FinCEN's new rule for Wisconsin properties

FinCEN Real Estate Rule Overview

FinCEN's new rule for Wisconsin properties, the Anti-Money Laundering Regulations for Residential Real Estate Transfers (AMLR), requires title companies (reporting persons) to file reports for non-financed residential real estate purchases by trusts or LLCs, starting March 1, 2026, to combat money laundering. The reports must include buyer and seller information, beneficial owners, the property, and payment details. Wisconsin real estate agents use new forms like WRA-FD to educate clients about the required information, including SSNs, IDs, and trust documents, needed to identify themselves.

What the Rule Requires

  • Who Reports: Title companies and settlement agents are generally the "reporting persons."
  • What's Reported: Information about the buyer (transferee entity/trust), their beneficial owners, the seller (transferor), the property address, and payment details.
  • For What Properties: Residential real estate, including single-family homes, condominiums, and land, when purchased by legal entities (LLCs, trusts) without a mortgage.

Key Information Needed from Buyers/Sellers

  • Individual Sellers: Name, DOB, address, and SSN.
  • Entity/Trust Sellers: Name, EIN, address, and trustee/beneficiary info.
  • Buyers (Entities/Trusts): Legal name, EIN, and address. For beneficial owners: name, DOB, address, and SSN.
  • Documentation: You may need to provide trust documents, LLC operating agreements, and ID.

Impact on Wisconsin

  • WRA Forms: The Wisconsin REALTORS® Association (WRA) developed forms (form WRA-FD) to help agents inform clients and gather data early. Wisconsin REALTORS® Association: FinCEN Reporting Requirements
  • State Disclosure: A separate state-level disclosure for material advisors of tax shelters (Form DOR-142) exists and goes to the WI Dept. of Revenue but is distinct from the federal FinCEN real estate rule.

Where to Get More Info