“FinCEN reporting is no longer a geographic specific requirement, it is becoming a routine part of residential real estate transactions nationwide,” said Don O’Neill, chief compliance officer and deputy general counsel for WFG. “This Rule spans all 50 states and thousands of recording jurisdictions.
“The industry needs solutions that are both legally sound and operationally practical. Our goal is to help customers meet their obligations without adding friction to the closing process.”
Civil and criminal penalties may apply for non-compliance under the new rule — with fines of up to $5,000 per day.
WFG’s reporting service is powered by Advalis’ FinCENRealEstateReport.com platform, which automates data collection, validates entries against federal standards, tracks deadlines and submits reports.
The system integrates into existing title workflows and manages buyer and seller outreach, data validation and filing with FinCEN on behalf of the reporting party, according to the company.
“This is about protecting our title agents and their customers while keeping transactions moving,” said Gene Rebadow, executive vice president, agency operations at WFG. “FinCEN compliance cannot be an afterthought. By giving agents practical tools and clear workflows, we help turn a regulatory mandate into a manageable process.”
WFG said it has also implemented the reporting tools within its own direct operations.
“Teams are preparing now so they are fully operational on day one,” said Steve Ozonian, president and CEO of Williston Financial Group. “We see compliance and technology as interconnected. When done right, they increase transparency, reduce risk and ultimately improve the customer experience.”
In addition to reporting tools, WFG said it’s offering educational materials, exemption checkers and client-facing explanations to help agents and consumers understand the new requirements.
