Regulatory Alerts2015-08-25
Added
Anti-Money Laundering Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers
The Financial Crimes Enforcement Network proposes to prescribe minimum standards for anti-money laundering programs and require suspicious activity reporting for investment advisers registered or required to be registered with the U.S. Securities and Exchange Commission. The proposal includes adding investment advisers to the general definition of financial institution under the Bank Secrecy Act, which would subject them to requirements such as filing Currency Transaction Reports and keeping records relating to the transmittal of funds. FinCEN proposes to delegate its authority to examine these advisers for compliance with these requirements to the SEC. Written comments on this notice of proposed rulemaking must be submitted on or before November 2, 2015.