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FinCEN Proposes Anti-Money Laundering Rules for Investment Advisers
31 August 2015
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Last week, FinCEN proposed new regulations that would extend mandatory anti-money laundering (“AML”) requirements to all investment advisers registered or required to be registered with the SEC.
The proposed AML rules would, among other things, require investment advisers to (i) develop and implement written risk-based AML programs, (ii) put in place policies and procedures to detect and report suspicious activities to U.S. authorities and (iii) comply with mandatory information-sharing requirements, including responding to law enforcement inquiries under the USA PATRIOT Act.
Once the rules are finalized, compliance would be assessed by the SEC through the examination process, and an adviser with deficiencies in its AML program may be at risk for civil or criminal liability.
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