Trust Transfers Trigger FinCEN Scrutiny - Ruth Dillingham, Esq. | S2E10

What will happen when the new FinCEN reporting rule takes effect Dec. 1, 2025? Industry veteran Ruth Dillingham, Esq. had no shortage of invaluable insight for attorneys, title & settlement agents, estate planners, financial planners, trust officers, Realtors and more about their role in accordance with the cascade of reporting responsibilities outlined in the rule. They also explore the implications for builders, developers, trusts, estate planning and even transactions involving cryptocurrencies. The conversation also delves into data privacy and security considerations, and what industry leaders will need to pay attention to in the months ahead to be in compliance. Chapters: 00:00 Introduction to FinCEN Reporting05:32 Understanding the USA PATRIOT Act and Money Laundering08:14 Implications for Estate Planning and Trusts11:01 For Real Estate Agents and Attorneys19:12 The Cascade of Reporters21:50 Settlement Agents vs. Title Underwriters24:15 Practical Tips for Compliance29:43 Addressing Client Concerns and Objections39:51 The Importance of Early Data Collection42:03 Managing Personal Information in Real Estate42:53 Understanding Reporting Requirements and Data Retention46:15 Vendor Management and Data Security58:33 Cryptocurrency Transactions and Reporting01:01:50 Understanding Reporting Errors and Penalties01:05:46 Preparing for Efficient Reporting Processes01:08:35 Cost Considerations in Reporting ComplianceFor more on this guest and topic: Ruth’s guest blog article: https://www.octoberresearch.com/blogLearn more about our publications: https://www.octoberstore.com/publicationsSign up for free eNews: https://www.octoberresearch.com/october-research-publicationsGet In Touch…Via Email:Ruth Dillingham (Guest) [email protected] Schuster (Host), [email protected] To find more episodes of “Keys to Real Estate” or learn more about October Research – the nation’s leading independent provider of market intelligence, industry news, expert analysis and regulatory information for professionals in the real estate, title, financial and settlement services industries – visit www.OctoberResearch.com. Episode sponsored by Closinglock – https://www.closinglock.com Episode produced by October Research – https://www.octoberresearch.com