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New Transparency Rules for Real Estate and Vehicle Transactions

This act aims to combat money laundering and terrorism financing by increasing transparency in real estate and vehicle transactions. It introduces new obligations for real estate and vehicle sales professionals, requiring them to collect and report information about beneficial owners. This will help prevent illicit financial flows and protect citizens from fraud.
Key points
Increased transparency in real estate transactions: Real estate professionals will need to collect and report information about the true owners of properties, making it harder to hide illegal funds.
New rules for vehicle sales: Vehicle sales businesses will have to follow similar rules for customer identification and suspicious transaction reporting to prevent money laundering.
Aircraft registration scrutinized: Aircraft owners will be required to disclose information about their beneficial owners, aiming to prevent the use of aviation for illicit purposes.
Pilot program for digital real estate registry: A pilot program for a digital real estate registry will be established to increase transparency and reduce corruption in real estate dealings.
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Expired
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Additional Information
Print number: 117_S_4075
Sponsor: Sen. Whitehouse, Sheldon [D-RI]
Process start date: 2022-04-07
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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

KLEPTO Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_4075.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-04-07.

What are the main provisions?

Key points include:

  • Increased transparency in real estate transactions: Real estate professionals will need to collect and report information about the true owners of properties, making it harder to hide illegal funds.
  • New rules for vehicle sales: Vehicle sales businesses will have to follow similar rules for customer identification and suspicious transaction reporting to prevent money laundering.
  • Aircraft registration scrutinized: Aircraft owners will be required to disclose information about their beneficial owners, aiming to prevent the use of aviation for illicit purposes.
  • Pilot program for digital real estate registry: A pilot program for a digital real estate registry will be established to increase transparency and reduce corruption in real estate dealings.
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 Sen. Whitehouse, Sheldon [D-RI].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Real Estate Security Economy