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FinCEN rule expanding GTOs for anti-money laundering checks ... to potentially extend to all residential all-cash transactions.  Per ALTA, FinCEN estimated costs  ... Depending on the type of company, the cost to file a report could range from $193 to $244.

• 30 minutes per transaction to decide if it’s a reportable deal.
• 45 minutes per transaction to collect information.
• Two hours to complete the report.
• 30 minutes to review and file.

Link to the FinCEN proposed rule: https://public-inspection.federalregister.gov/2024-02565.pdf

Very interesting more costs are proposed for title insurance by the Department of Treasury through this program expansion, while at the same time, the Biden Administration pushing for the title insurance waiver program to limit 'junk fees.'

Denise Williams - Real Document Solutions – your trusted order management platform for the title abstract, document retrieval and title industries.