A joint resolution disapproving the rule submitted by the Financial Crimes Enforcement Network relating to "Anti-Money Laundering Regulations for Residential Real Estate Transfers".

This bill disapproves a rule issued by the Financial Crimes Enforcement Network (FinCEN) that would have required real estate agents, title companies, and other professionals to collect and report specific information during residential property sales to combat money laundering. The rule, published in August 2024, aimed to apply to high-value transactions to address potential money laundering risks. If enacted, this resolution would block the rule from taking effect, meaning real estate professionals would not have to comply with these new reporting requirements. The resolution directly affects the real estate industry by removing a regulatory burden related to anti-money laundering practices.