Regulatory Alerts2024-05-21
Added
Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers
The Financial Crimes Enforcement Network and the Securities and Exchange Commission propose joint rules to require registered investment advisers and exempt reporting advisers to implement reasonable procedures to verify the identities of their customers. The proposed regulations, codified in 31 CFR Part 1032 and 17 CFR Part 275, define 'account' and 'customer' and mandate identity verification, record maintenance, and terrorist list consultation when opening new accounts. Written comments on this proposed rulemaking must be submitted on or before July 22, 2024.
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