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.

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Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...