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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-05-13T19:47:00
The Securities and Exchange Commission (SEC) and Treasury Department’s Financial Crimes Enforcement Network (FinCEN) proposed a rule requiring registered investment advisers (RIAs) to implement customer identification programs (CIPs), another facet of a coordinated attempt to close an apparent loophole in federal anti-money laundering (AML) regulations.
The proposed rule, jointly released by the two regulators Monday, would require RIAs and exempt reporting advisers (ERAs) to establish, document, and maintain written CIPs, which would help to “prevent illicit finance activity involving the customers of investment advisers by strengthening the anti-money laundering and countering the financing of terrorism … framework for the investment adviser sector,” the SEC said in a press release.
The CIPs would require RIAs and ERAs to establish risk-based procedures for verifying the identity of each customer before or after the customer’s account is open, enabling each type of firm to “form a reasonable belief that it knows the true identity of each customer,” according to an SEC fact sheet.
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2024-05-17T16:00:00Z By Kyle Brasseur
The Treasury Department’s efforts to eliminate regulation loopholes that help enable money laundering in the U.S. financial system will remain a top priority as part of the agency’s 2024 national illicit finance strategy.
2024-05-13T19:26:00Z By Aaron Nicodemus
A new report by the Financial Stability Oversight Council recommended state regulators and Congress take steps to minimize “significant liquidity risk” posed by the nonbank mortgage servicing industry.
2024-03-28T21:28:00Z By Aaron Nicodemus
The Securities and Exchange Commission wants broker-dealers and certain clearing agencies to know the expectations for the reduction of the settlement cycle for national and international trades from two business days after the trade date to one day.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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