Regulatory Alerts2016-04-04
Added
Amendments to the Definition of Broker or Dealer in Securities
FinCEN proposes to amend the definitions of 'broker or dealer in securities' and 'broker-dealer' under the Bank Secrecy Act regulations to explicitly include funding portals involved in the offering or selling of crowdfunding securities pursuant to section 4(a)(6) of the Securities Act of 1933. This proposal would require registered funding portals to implement policies and procedures reasonably designed to achieve compliance with Bank Secrecy Act requirements, including anti-money laundering programs and suspicious activity reporting. The notice of proposed rulemaking invites written comments on or before June 3, 2016.
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