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FinCEN Proposes Subjecting Funding Portals to BSA-AML Obligations
11 April 2016
View Client Update
On April 4, 2016 FinCEN proposed rules that would include crowdfunding portals in the definition of “broker or dealer in securities” and “broker-dealer” in FinCEN’s regulations implementing the Bank Secrecy Act (“BSA”).
These proposed definitional changes would require crowdfunding portals to comply with the same anti-money laundering regulations as full-service broker-dealers.
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