FinCEN Re-Proposes AML/CFT Requirements Covering Investment Advisers 

Download IconDownload Print IconPrint

FinCEN Re-Proposes AML/CFT Requirements Covering Investment Advisers 

Client Alert

Related Solutions

Advising clients where innovation and regulation collide.
WilmerHale’s broker-dealer team draws on its intricate knowledge of the regulatory landscape to advise the world’s leading financial market participants.
WilmerHale has played a leading role in shaping the rules that govern the financial services industry in the United States.
WilmerHale’s Investment Management Group provides sophisticated legal and regulatory advice to investment advisers, private fund sponsors, registered funds, and their independent trustees.

On February 15, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a long-anticipated Notice of Proposed Rulemaking (NPRM) to impose comprehensive anti-money laundering (AML) and countering the financing of terrorism requirements on investment advisers within the asset management sector (the Proposed Rule). The NPRM represents FinCEN’s third effort to subject investment advisers to AML program regulations.  By expanding the definition of “financial institution” in the Bank Secrecy Act’s (BSA) implementing regulations to cover both investment advisers registered with the Securities and Exchange Commission and exempt-reporting advisers, FinCEN’s Proposed Rule would extend to this sector not only the AML compliance program and suspicious activity reporting requirements of the BSA but also the special information-sharing procedures established by Sections 314(a) and 314(b) of the USA PATRIOT Act as well as other requirements of the BSA’s AML program framework.

READ THE FULL ALERT.

Authors

Notice

Unless you are an existing client, before communicating with WilmerHale by e-mail (or otherwise), please read the Disclaimer referenced by this link.(The Disclaimer is also accessible from the opening of this website). As noted therein, until you have received from us a written statement that we represent you in a particular manner (an "engagement letter") you should not send to us any confidential information about any such matter. After we have undertaken representation of you concerning a matter, you will be our client, and we may thereafter exchange confidential information freely.

Thank you for your interest in WilmerHale.

I Accept Cancel