People buying and selling residential properties, particularly in larger or more complex transactions, would be most directly affected. If the FinCEN rule were in place, they might have faced additional questions or requirements about the source of their funds during a home purchase or sale as part of anti-money laundering efforts. This bill prevents those additional steps from becoming mandatory.

Real estate agents, brokers, title companies, and other professionals involved in residential property transfers would also be impacted. If the FinCEN rule had been implemented, these professionals would have been responsible for new reporting and compliance tasks. With this resolution, they will not need to adopt these new procedures.