FinCEN Prop. Reg.: Anti-Money Laundering, Countering the Financing of Terrorism Program, Suspicious Activity Report Filing Requirements

Proposed rules to include certain investment advisers in the definition of “financial institution” under the Bank Secrecy Act (BSA), prescribe minimum standards for anti-money laundering/countering the financing of terrorism (AML/CFT) programs to be established by covered investment advisers, require covered investment advisers to report suspicious activity to FinCEN pursuant to the BSA, and make several other related changes to FinCEN regulations, FinCEN released. FinCEN states that the proposal is being made to address gaps in the existing AML/CFT regulatory framework in this sector. The proposed regulations will apply to investment advisers that may be at risk for misuse by money ...