- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-08-30T20:32:00
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) released new anti-money laundering (AML) requirements for U.S. investment advisers and real estate professionals that attempt to close loopholes that criminals and kleptocrats have long exploited.
FinCEN’s new AML rule for investment advisers categorizes registered investment advisers (RIAs) and exempt reporting advisers (ERAs) as financial institutions. This new categorization for RIAs and ERAs registered with the Securities and Exchange Commission (SEC) requires them to screen their clients’ transactions for potential illegal activity to comply with the Bank Secrecy Act (BSA), just like other financial institutions.
“Both rules deliver on key lines of effort outlined in the Biden-Harris administration’s U.S. Strategy on Countering Corruption,” FinCEN said in a press release Wednesday.
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The Securities and Exchange Commission will host a virtual national seminar on Nov. 7 targeted toward chief compliance officers at investment companies and investment advisers.
The Financial Crimes Enforcement Network will propose categorizing investment advisers as financial institutions that must comply with the Bank Secrecy Act, including having an anti-money laundering program.
The Financial Crimes Enforcement Network issued a notice of proposed rulemaking that would require the handlers of all-cash residential real estate transactions in all U.S. cities and counties to disclose the beneficial owners.
President-elect Donald Trump announced he plans to appoint Cantor Fitzgerald President and CEO Howard Lutnick to lead the U.S. Commerce Department, as the incoming administration is expected to charge import tariffs against friends and foes.
If your business uses leather, rubber, wood, beef, palm oil, soy, or paper, then you may need to comply with the EU Deforestation Directive, a new rule intended to ensure that no goods traded in the EU contribute to global deforestation.
With the presidential election this week, one fear has remained on the minds of voters regardless of their political stripe–that artificial intelligence will be misused to change the outcome of the race.
