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What is FinCEN?
FinCEN stands for the Financial Crimes Enforcement Network.
Its main purpose is to safeguard the financial system from illicit activities,
such as money laundering and terrorist financing,
by collecting and analyzing financial transaction data.
Title companies are required by Federal Law to report certain transactions
to FinCEN to comply with the Bank Secrecy Act.
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Property address
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Legal description
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Purchase price
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Closing date
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Buyer information
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Seller information
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Payment information
WHEN IS IT COLLECTED?
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As soon as possible
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All information must be submitted and approved before closing can be scheduled
HOW IS IT COLLECTED?
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Secure portal for buyer to input information
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Additional reporting fees are required
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