FinCEN Issues Final Rule Expanding AML/CFT Regulations to Certain Investment Advisers

Summary

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, is issuing a final rule to expand anti-money laundering/countering the financing of terrorism (AML/CFT) regulations to certain registered investment advisers and exempt reporting advisers. The new rules will require these investment advisers to establish minimum AML/CFT programs and report suspicious activity to FinCEN, aiming to prevent misuse of the U.S. financial system by money launderers, terrorist financers, and other illicit actors threatening U.S. national security.