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Expanding Anti-Money Laundering Rules to New Professions and Transactions

New regulations aim to make money laundering more difficult by extending financial oversight to more professions, such as investment advisors, lawyers, accountants, and art dealers. This means these individuals and businesses will have to report suspicious transactions and verify client identities, enhancing financial security and making it harder to hide illegal proceeds. Additionally, real estate title insurance companies will be required to collect information on the true owners of properties, increasing transparency in the real estate market.
Key points
More professions, including investment advisors, lawyers, accountants, art dealers, and PR firms, will be subject to anti-money laundering rules, leading to increased scrutiny of their operations.
These businesses will be required to report suspicious transactions, establish anti-money laundering programs, and verify client identities, which may affect customer service processes.
Real estate title insurance companies will need to collect and report information on the true owners of properties, aiming to increase transparency in real estate transactions and make it harder to conceal assets.
All these changes are intended to enhance financial security and make it more difficult for criminals to hide illegal proceeds, indirectly contributing to economic stability.
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Expired
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Additional Information
Print number: 117_HR_5525
Sponsor: Rep. Malinowski, Tom [D-NJ-7]
Process start date: 2021-10-08
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

ENABLERS Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_5525.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-10-08.

What are the main provisions?

Key points include:

  • More professions, including investment advisors, lawyers, accountants, art dealers, and PR firms, will be subject to anti-money laundering rules, leading to increased scrutiny of their operations.
  • These businesses will be required to report suspicious transactions, establish anti-money laundering programs, and verify client identities, which may affect customer service processes.
  • Real estate title insurance companies will need to collect and report information on the true owners of properties, aiming to increase transparency in real estate transactions and make it harder to conceal assets.
  • All these changes are intended to enhance financial security and make it more difficult for criminals to hide illegal proceeds, indirectly contributing to economic stability.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Malinowski, Tom [D-NJ-7].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Courts and Law Economy Real Estate