02.13.24

Treasury Proposes New Anti-Money Laundering Regulations for Investment Advisors

by: Fatima Hussein

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) proposed a regulation that would require investment advisors to develop anti-money laundering programs and file reports with the government when suspicious activity is detected by clients, among other things. The rule “will add further transparency to the U.S. financial system and help assist law enforcement in identifying illicit proceeds entering the U.S. economy,” a FinCEN news release stated. A fact sheet states that the rule could be tightened over time to include keeping records on clients’ ownership information. Public comments on the rule are due by April 15.

Read the full article on The Associated Press