08.01.22
Legislation Affecting Advisors Takes the Long and Winding Road Through Congress
by: Mark Schoeff
The Establishing New Authorities for Business Laundering and Enabling Risks to Security Act would expand the definition of a financial institution to include investment advisors. It would require advisors to establish anti-money laundering and due diligence programs, report suspicious transactions and identify and verify account holders. The act is a rider to the larger National Defense Authorization Act (NDAA), a 1,349-page bill that provides for more than $800 billion in defense spending for fiscal 2023. The U.S. House of Representatives approved the NDAA with a strong bipartisan vote, and it is now up to the Senate to approve it.
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