News & Analysis as of September 22, 2024

Investment Adviser

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The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of money laundering, terrorist financing and other financial crimes by collecting, monitoring, and analyzing financial transaction data. Such data is disseminated to both domestic and international law enforcement agencies. less -

Department of the Treasury Releases New AML/CFT Rule for Investment Advisers

Seward & Kissel LLP on 9/13/2024

Who may be interested: Investment Advisers - Quick Take: The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule subjecting certain registered investment advisers (RIAs) and...more

Financial Markets and Funds Quick Take | Issue 30

Katten Muchin Rosenman LLP on 9/12/2024

Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more

Q&A on FinCEN’s New AML Requirements for Certain Investment Advisers

Seward & Kissel LLP on 9/11/2024

On August 28, 2024, the Financial Crimes Enforcement Network (“FinCEN”) issued a final rule (the “Final Rule”) that subjects certain registered investment advisers (“RIAs”) and exempt reporting advisers (“ERAs”) to anti-money...more

FinCEN adopts investment adviser AML rules

Eversheds Sutherland (US) LLP on 9/10/2024

The Financial Crimes Enforcement Network (FinCEN) adopted a final rule that adds most federal Registered Investment Advisers (RIAs) and Exempt Reporting Advisers (ERAs) to the definition of “financial institution” under the...more

FinCEN Issues Final Rule Expanding Anti-Money Laundering/ Countering the Financing of Terrorism Requirements for Investment...

King & Spalding on 9/10/2024

On September 4, 2024, the Financial Crimes Enforcement Network (“FinCEN”), U.S. Department of Treasury, published a final rule (the “Final Rule”) expanding the definition of “financial institution” under the Bank Secrecy Act...more

Investment Advisers Face New AML/CFT Compliance Obligations from FinCEN

Alston & Bird on 9/6/2024

Our Financial Services, Investment Funds, and White Collar, Government & Internal Investigations Teams break down the latest Financial Crimes Enforcement Network (FinCEN) rule investment advisers must prepare for....more

AML Programs for Investment Advisers

Katten Muchin Rosenman LLP on 9/6/2024

On August 28, the US Department of the Treasury’s (Treasury Department) Financial Crimes Enforcement Network (FinCEN) issued a final rule that expands anti-money laundering (AML) and countering the financing of terrorism...more

National Security Risks Headline New AML Requirements for Investment Advisers – and More to Come?

DLA Piper on 9/5/2024

Last week, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a widely anticipated final rule to police the estimated $125 trillion-plus investment adviser market. The new rule extends...more

Investment Advisers Prepare: The BSA is Here

Lowenstein Sandler LLP on 9/3/2024

On August 28, the United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule (the “Final Rule”) subjecting certain registered investment advisers (RIAs) and exempt reporting...more

Pending FinCEN Investment Adviser Rule: Industry Perspective On Next Steps You Should Be Taking

K2 Integrity on 8/27/2024

On 22 August 2024, K2 Integrity hosted a webinar discussing considerations related to the pending anti-money laundering rule (AML) for investment advisers (IAs) from the Financial Crimes Enforcement Network (FinCEN). The...more

Treasury’s FinCEN and SEC Propose Rule Requiring Investment Advisers to Develop Customer Identification Programs

DLA Piper on 7/14/2024

On May 13, 2024, the Securities and Exchange Commission (SEC) and the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) jointly proposed a new rule that would impose requirements on SEC-registered...more

FinCEN & the SEC: Will the Real RIA and ERA Customers Please Stand Up?

Morrison & Foerster LLP on 7/8/2024

On May 13, 2024, the U.S. Department of the Treasury’s (“Treasury”) Financial Crimes Enforcement Network (FinCEN) and the Securities and Exchange Commission (SEC) issued a joint Notice of Proposed Rulemaking (NPRM) that would...more

AML Update: SEC and FinCEN Propose Anti-Money Laundering and Customer Identification Programs for Investment Advisers

K&L Gates LLP on 6/27/2024

Introduction - On 13 May 2024, the Securities and Exchange Commission (SEC) and the US Department of Treasury’s (DoT) Financial Crimes Enforcement Network (FinCEN) jointly proposed rulemaking to implement Section 326 of the...more

AML/CFT Rules for Investment Advisers

K2 Integrity on 6/18/2024

On 12 June 2024, K2 Integrity and Schulte Roth & Zabel hosted a webinar discussing new regulatory obligations anticipated under proposed rules for investment advisers (IAs), timelines for finalization and compliance, and how...more

SEC and FinCEN Propose Customer Identification Program Requirements for Investment Advisers

Vedder Price on 6/13/2024

On May 13, 2024, the SEC and FinCEN jointly proposed a new rule under the Bank Secrecy Act (BSA) that would impose new customer identification program (CIP) requirements on registered investment advisers and exempt reporting...more

SEC and FinCEN Propose New Rule: Mandatory Customer Verification for Investment Advisers in 2024

ArentFox Schiff on 6/13/2024

On May 13, the US Securities and Exchange Commission (SEC) and the US Department of the Treasury’s (USDT) Financial Crimes Enforcement Network (FinCEN) jointly released a notice of proposed rulemaking (NPRM) which, if...more

Dual registrant regulatory roundup - June 2024

Eversheds Sutherland (US) LLP on 6/7/2024

Welcome to the Regulatory Roundup. Each month, Eversheds Sutherland Investment Services attorneys review significant regulatory developments (including notable rulemakings and guidance from securities regulators) from the...more

SEC, FinCEN Propose CIP Rules for Investment Advisers

Dechert LLP on 6/5/2024

The Proposed Rule would require registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to establish, document and maintain written customer identification programs (CIPs). The Proposed Rule comes...more

RIA Regulatory Review - June 2024

Dorsey & Whitney LLP on 6/4/2024

This RIA Regulatory Review highlights certain key regulatory developments affecting investment advisers....more

SEC and FinCEN’s Proposed AML Rule Could Increase Compliance Burden on Investment Advisers

Latham & Watkins LLP on 6/4/2024

RIAs and ERAs may soon be required to implement procedures to verify their clients’ identities. On May 13, 2024, the Securities and Exchange Commission (SEC) and the US Department of the Treasury’s Financial Crimes...more

SEC and FinCEN Propose Customer Identification Program Requirements for Certain Investment Advisers

Mayer Brown Free Writings + Perspectives on 5/31/2024

I. INTRODUCTION - On May 13, 2024, the US Securities and Exchange Commission (“SEC”) and the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a joint notice of proposed rulemaking (the...more

Broker Dealer Regulatory Digest - May 2024 - 2

Davis Wright Tremaine LLP on 5/31/2024

Securities and Exchange Commission. Customer ID requirements. On May 13, 2024, SEC and FinCEN proposed a rule designed to make it more difficult for criminal actors to establish customer relationships with investment...more

Regulatory Roundup for May 2024

SEC Compliance Consultants, Inc. (SEC³) on 5/30/2024

SEC DROPS NEW REQUIREMENT FOR INCIDENT RESPONSE PROGRAMS, PROPOSAL FOR RIAS TO ADOPT CIP, SEC EXAMS SHARES MARKETING RULE FAILURES, RIA SLAMMED FOR FAILING TO RETAIN TEXTS, AND SEC WINS ON SHADOW TRADING THEORY - Welcome to...more

SEC and FinCEN Propose Customer Identification Program Requirements for Registered Investment Advisers and Exempt Reporting...

Seward & Kissel LLP on 5/29/2024

Who may be interested: Investment Advisers - Quick Take: On May 13, 2024, the SEC and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) jointly proposed a new rule that would require certain...more

FinCEN and SEC Propose Rulemaking Requiring CIP for Investment Advisers

Ballard Spahr LLP on 5/29/2024

On May 13th, the Financial Crimes Enforcement Network (FinCEN) and the Securities Exchange Commission (SEC) issued a joint notice of proposed rulemaking (NPRM) that would require SEC-registered investment advisers (RIAs) and...more

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