On August 25, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) released a Notice of Proposed Rulemaking (NPRM), which would impose anti-money laundering (AML), suspicious activity reporting, currency transaction reporting, and information sharing obligations on investment advisers. The NPRM was published in the Federal Register on September 1 (80 FR 52680). Persons interested in commenting on the proposed rule will have until November 2 to file comments, after which FinCEN will issue a final rule.
The proposed rule follows a decade of FinCEN’s efforts to regulate investment advisers and unregistered investment companies in an evolving financial environment. This proposed rule envisions the following key changes to FinCEN’s regulations.
Please see full publication below for more information.