What is in this Patriot Act/Homeland Security doc that you sign at escrow?

Question by eromlige: What is in this Patriot Act/Homeland Security doc that you sign at escrow?
While watching one of the many “real estate” themed shows on cable a few days ago. I noticed that as someone was closing on a house, in Las Vegas BTW, she had to sign some “Patriot Act” document during the escrow process.

What is this document?
What’s in it?
When did Homeland Security attach itself to the home buying process?
And what are the ramifications of not signing this document?

Best answer:

Answer by jslinderml
In order to track financial transactions of criminal or terrorist organizations, any transaction over $ 10,000 is reported to the federal government (a house sale certainly qualifies).

Basically, it will be matched up against the corresponding bank transactions to insure the money is all coming from legit sources and not being washed via real estate.

If you don’t complete the form, technically you are in violation of federal law and can be arrested for failure to report.

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