FinCEN Proposes New Anti-Money Laundering Rules for Investment Advisers

The regulations aim to close regulatory gaps and increase transparency in the financial system.

The U.S. Treasury Department Financial Crimes Enforcement Network (FinCEN) has proposed new regulations requiring investment advisers to establish anti-money laundering programs and report suspicious activities.
The new regulations aim to increase transparency in the financial system and assist law enforcement in detecting illicit proceeds.
Investment advisers will be required to develop comprehensive anti-money laundering programs, including policies, procedures, and internal controls tailored to their specific business models.
The initiative is part of the Biden administration's efforts to clamp down on financial crime and protect national security.
Public comment on the proposed rule is open until April 15, 2024.