- 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.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership limited time offer
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Annual Membership $499
Full price one year membership.
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.
The Financial Crimes Enforcement Network issued an advisory offering red flag indicators of kleptocracy and foreign corruption, noting Russia as a country of “particular concern.”
A federal judge struck down the ban on noncompete clauses by the Federal Trade Commission that was set to take effect in September.
The Federal Trade Commission is fighting against an online educational platform’s interpretation of the Children’s Online Privacy Protection Act, arguing that COPPA can’t force parents into arbitration.
Caroline Pham, a commissioner on the Commodity Futures Trading Commission, criticized the agency’s policy on credit for self-reporting violations as a “bait-and-switch.”
