FinCEN Finalizes Investment Advisers’ Money Laundering Rules (1)

The Treasury Department issued final rules that apply anti-money laundering requirements to investment advisers and require the advisers to report suspicious activity.

The rules (RIN 1506-AB58) from Treasury’s Financial Crimes Enforcement Network, or FinCEN, issued Wednesday bring certain investment advisers under the heading of “financial institutions” that are required to comply with anti-money laundering laws and file suspicious activity reports pursuant to the Bank Secrecy Act.

The rules, originally proposed in February, aim to prevent terrorism financing and other illicit financial activity.

Investment advisers “have served as an entry point into the US financial system and economy” ...