FinCEN Proposes Subjecting Funding Portals to BSA-AML Obligations

11 April 2016
View Client Update

Key takeaways

  • 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.