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FinCEN Proposes AML Regulations for Investment Advisers

Joe Mont | August 25, 2015

The Treasury Departments Financial Crimes Enforcement Network has issued a rule proposal that would require investment advisers to establish anti-money laundering programs and report suspicious activity, as required by the Bank Secrecy Act.

The BSA does not expressly include “investment adviser” among its list of entities defined as a financial institution. FinCEN, with the proposed rule announced on Tuesday, would add investment advisers to that definition, subjecting them to similar regulations that already apply to mutual funds, broker-dealers, banks, and insurance companies. Among those requirements are filing Currency Transaction Reports and maintaining records relating to the transmittal of funds.

The proposal applies to investment advisers that are registered with the Securities and Exchange Commission, including advisers to hedge funds, private equity funds, and other...

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