By Brian French | FlFinancialNews.com | September 29, 2026
Quick Answer
As of fall 2026, three FinCEN rules have shifted in ways that matter for Florida businesses. Beneficial ownership (BOI) reporting is permanently over for U.S. companies. The all-cash residential real estate reporting rule is vacated but on appeal and could return. The investment adviser AML rule is pushed to January 1, 2028. Enforcement attention has moved toward health care fraud, scam centers, and Iran-related finance.
Fall 2026 FinCEN Scorecard
| Rule or Action | Status (Sept 2026) | Florida Impact |
|---|---|---|
| BOI reporting (Corporate Transparency Act) | Permanently ended for U.S. companies, effective Aug 14, 2026 | Florida LLCs and corporations need not file |
| Residential Real Estate Rule | Vacated March 19, 2026; on appeal | No reports required for now |
| Real estate GTOs (11 Florida counties) | Set to expire Feb 28, 2026 | Replaced by the now-vacated rule |
| Investment adviser AML rule | Delayed to Jan 1, 2028 | Florida RIAs get more prep time |
| Health care fraud analysis | Issued Sept 9, 2026 | Home health providers in focus |
BOI Reporting Is Permanently Over for Florida Companies
The biggest relief for Florida small business owners is now final. FinCEN issued a final rule on August 11, 2026, effective August 14, that permanently adopts the exemptions from its March 2025 interim rule.
Under the rule, U.S.-formed companies no longer report BOI to FinCEN, and FinCEN will delete previously reported information on U.S. persons. Foreign entities that are reporting companies still must report BOI for foreign individuals.
The scale of the rollback is dramatic. FinCEN estimates about 28,000 companies will need to file, down from roughly 32.6 million under the original 2022 rule.
Two caveats for Florida owners. Companies that did not file during the earlier interim period should not face retroactive liability. And the federal rule does not preempt state-level beneficial ownership reporting obligations, so multistate businesses should check other states where they operate.
The Real Estate Rule: Paused, Not Dead
What the Rule Required
FinCEN’s Residential Real Estate Rule targeted all-cash home transfers to LLCs, corporations, and trusts, and it applied to purchases and gifts regardless of amount. That is significant in Florida, which consistently ranks among the top states for all-cash residential transactions.
When a transfer was reportable, the designated closing professional had to file a Real Estate Report containing 111 distinct fields, due by the later of the last day of the following month or 30 days after closing.
How It Was Struck Down
The rule went live March 1, 2026, and lasted less than three weeks. On March 19, 2026, the Eastern District of Texas vacated the rule in Flowers Title Companies v. Bessent, finding it conflicted with the Bank Secrecy Act. FinCEN’s position is that while that order stands, reporting persons need not file and face no liability for not filing.
The government filed its appeal to the Fifth Circuit on May 11, 2026.
The Florida Case Pointing the Other Way
Florida produced the opposite result. In Fidelity National Financial v. Bessent, decided February 19, 2026, a Florida federal court found the rule statutorily authorized, not arbitrary, and consistent with the First and Fourth Amendments. Fidelity National Financial, which is headquartered in Jacksonville, appealed to the Eleventh Circuit on April 17.
That sets up a potential split between the Fifth Circuit and the Eleventh Circuit, which covers Florida. When circuits reach conflicting decisions, the Supreme Court may resolve them but is not required to.
The GTOs Are Gone Too
Before the rule, Florida title companies worked under Geographic Targeting Orders. The most recent orders covered Miami-Dade, Broward, Palm Beach, Hillsborough, Pasco, Pinellas, Manatee, Sarasota, Charlotte, Lee, and Collier counties. FinCEN set those orders to expire on February 28, 2026, the day before the rule took effect. Practitioners report the GTOs lapsed when the rule started, so today neither regime is actively requiring reports.
What Florida Closing Agents Should Do
Advice from practitioners splits. Some say keep collecting the information in case the rule is reinstated, while others believe any restoration would apply only going forward. Most compliance advisers recommend keeping the infrastructure in place, since the rule could snap back quickly if FinCEN obtains a stay pending appeal.
Investment Advisers Get Until 2028
Florida’s large wealth management sector, concentrated in Miami, Palm Beach, and Naples, gets more runway. FinCEN extended the investment adviser AML rule’s effective date from January 1, 2026, to January 1, 2028. When it takes effect, covered firms must establish AML programs, file suspicious activity reports, and keep related records.
FinCEN has signaled that it still plans to tailor the rule’s scope, so the final requirements may change before 2028.
Where FinCEN Is Focusing This Fall
Health Care Fraud
On September 9, 2026, FinCEN identified about $17.5 billion in suspicious activity potentially linked to health care fraud, based on 5,702 Bank Secrecy Act reports filed between March 1, 2025, and February 28, 2026.
Home health care businesses were the provider type most often identified in the reports. That is directly relevant to Florida, with its large senior population and dense home health sector.
The number is a warning sign, not a finding of guilt. FinCEN cautions that reported amounts can be overinclusive and may include attempted transactions, legal activity, and filer errors.
Scam Centers and Crypto
On September 3, FinCEN reported nearly $13 billion linked to suspected digital asset scams run by overseas scam centers, alongside an alert urging financial institutions to detect and report related activity. Florida’s retiree population makes these “pig butchering” investment scams a consumer protection concern for local banks and credit unions.
Iran-Related Finance
FinCEN issued a September 8 alert on Iranian procurement efforts for its commercial aviation industry. On September 16, it convened global financial institutions under Operation Economic Outcast. Florida banks with trade finance, aviation, or Latin American correspondent exposure should review these red flags.
Florida FinCEN Action Checklist
| Who | Action This Fall |
|---|---|
| Florida LLC owners | No BOI filing; confirm foreign affiliates’ status |
| Title and closing agents | Monitor Fifth and Eleventh Circuit appeals; keep data processes ready |
| Home health providers | Expect bank scrutiny; tighten billing documentation |
| RIAs | Plan AML program build ahead of 2028 |
| Banks and credit unions | Update SAR procedures for new alert key terms |
Brian’s Take
Fall 2026 is a two-speed FinCEN. On paperwork for ordinary businesses, Washington is pulling back: BOI is permanently gone, the adviser rule is delayed, and the real estate rule is sidelined by the courts. On targeted fraud, it is accelerating, using bank data to build cases around health care billing, scam centers, and sanctions evasion.
Florida sits in the middle of both trends. We are a top all-cash real estate market, a home health capital, and a magnet for retirees who are targets for investment scams.
The real estate rule is the one to watch. A Jacksonville-based title giant lost in a Florida court, and a small Texas title company won in another. If the Eleventh Circuit upholds the rule while the Fifth Circuit strikes it down, Florida closing agents could face a very different compliance landscape than their Texas peers. That kind of circuit split is how cases reach the Supreme Court.
My advice to Florida title and escrow firms: don’t throw away the compliance playbook you built last winter. It may be needed again.
Frequently Asked Questions
Do Florida LLCs still need to file BOI reports with FinCEN?
No. A final rule effective August 14, 2026, permanently exempts all U.S.-formed companies and U.S. persons from BOI reporting. Only certain foreign companies registered to do business in the U.S. must still file.
Is the FinCEN real estate reporting rule in effect in Florida?
Not currently. A Texas federal court vacated the rule on March 19, 2026, and FinCEN says no reports are required while that order stands. The government has appealed, so the rule could return.
What was the Florida court decision on the real estate rule?
In Fidelity National Financial v. Bessent, a Florida federal court upheld the rule in February 2026. Fidelity appealed to the Eleventh Circuit.
Are the Miami-Dade real estate GTOs still active?
FinCEN set the residential real estate GTOs, which covered 11 Florida counties, to expire on February 28, 2026, when the nationwide rule began. No reporting under either regime is currently required.
When does the investment adviser AML rule take effect?
January 1, 2028. FinCEN has said it may still revise the rule’s scope before then.
Why is FinCEN focused on home health care?
FinCEN’s September 2026 analysis found home health businesses were the provider type most often named in suspicious activity reports tied to possible health care fraud.
This article is for informational purposes only and is not legal or compliance advice. Consult a qualified professional about your situation.
Sources and Further Reading
- Orrick, “FinCEN Permanently Lifts Certain Beneficial Ownership Reporting Requirements” — https://www.orrick.com/en/Insights/2026/09/FinCEN-Permanently-Lifts-Certain-Beneficial-Ownership-Reporting-Requirements
- Journal of Accountancy, “Final Rule Will Eliminate BOI Reporting for US Entities” — https://www.journalofaccountancy.com/news/2026/aug/final-rule-will-eliminate-boi-reporting-for-us-entities/
- Troutman Pepper Locke, “Relief Is Real, But Not Universal” — https://www.troutman.com/insights/relief-is-real-but-not-universal-fincen-permanently-ends-boi-reporting-for-us-companies/
- FinCEN, Beneficial Ownership Information Reporting — https://www.fincen.gov/boi
- Holland & Knight, “What Is Going on with FinCEN’s Residential Real Estate Rule?” — https://www.hklaw.com/en/insights/publications/2026/06/what-is-going-on-with-fincens-residential-real-estate-rule
- Davis Wright Tremaine, “FinCEN Residential Real Estate Rule Is on Hold” — https://www.dwt.com/insights/2026/05/fincen-residential-real-estate-rule-on-hold
- FinCEN Real Estate Report Case Tracker — https://fincenrealestatereport.com/real-estate-report-case-tracker/
- Barnes Walker, “FinCEN Requirements Florida” — https://barneswalker.com/fincen-requirements-florida-what-realtors-need-to-know-before-march-1-2026/
- FinCEN, “FinCEN Renews Residential Real Estate Geographic Targeting Orders” — https://www.fincen.gov/news/news-releases/fincen-renews-residential-real-estate-geographic-targeting-orders-0
- AML Square, “FinCEN Geographic Targeting Order Compliance Guide” — https://amlsquare.com/blog/fincen-geographic-targeting-order-gto-compliance-guide/
- Gross McGinley, “FinCEN’s Real Estate Reporting Rule: Struck Down 18 Days After Taking Effect” — https://www.grossmcginley.com/resources/blog/fincens-real-estate-reporting-rule-struck-down-18-days-after-taking-effect/
- FinCEN, “FinCEN Issues Final Rule to Postpone Effective Date of Investment Adviser Rule to 2028” — https://www.fincen.gov/news/news-releases/fincen-issues-final-rule-postpone-effective-date-investment-adviser-rule-2028
- Proskauer, “FinCEN Finalizes Two-Year Delay of the Investment Adviser AML Rule” — https://www.proskauer.com/blog/fincen-finalizes-twoyear-delay-of-the-investment-adviser-aml-rule-reaffirms-intent-to-further-review-and-tailor-the-rule-and-to-coordinate-with-other-rulemakings
- U.S. Treasury, “Treasury Uncovers $17.5 Billion in Suspected Health Care Fraud” — https://home.treasury.gov/news/press-releases/sb0625
- ABA Banking Journal, “FinCEN Releases Financial Trend Analysis on Health Care Fraud” — http://bankingjournal.aba.com/2026/09/fincen-releases-financial-trend-analysis-on-health-care-fraud/
- Medical Daily, “Banks Flagged $17.5 Billion in Activity Tied to Possible Health Care Fraud” — https://www.medicaldaily.com/fincen-health-care-fraud-home-health-17-5-billion-478523
- FinCEN, Press Releases — https://www.fincen.gov/news/press-releases
- FinCEN, Alert FIN-2026-Alert005 (Scam Centers) — https://www.fincen.gov/system/files/2026-08/FinCEN-Alert-Scam-Centers.pdf
- FinCEN, “Treasury Convenes Global Financial Institutions to Advance Operation Economic Outcast” — https://www.fincen.gov/news/news-releases/treasury-convenes-global-financial-institutions-advance-operation-economic
