Regulatory Alerts2003-05-05
Added
Anti-Money Laundering Programs for Investment Advisers
FinCEN proposes to amend Bank Secrecy Act rules to require certain U.S. investment advisers managing client assets to establish anti-money laundering programs. The rule applies to SEC-registered advisers with assets under management and unregistered advisers with $30 million or more in assets under management. Minimum program requirements include internal policies, independent testing, a designated compliance officer, and ongoing training. FinCEN also proposes to delegate examination authority for these advisers to the Securities and Exchange Commission.
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