The Financial Crimes Enforcement Network issued a proposed rule to add investment advisers to the list of businesses classified as “financial institutions” under the Bank Secrecy Act.
FinCEN proposes BSA standards for investment advisers
February 14, 2024 / By ICBA
The Financial Crimes Enforcement Network issued a proposed rule to add investment advisers to the list of businesses classified as “financial institutions” under the Bank Secrecy Act.
The Financial Crimes Enforcement Network issued a proposed rule to add investment advisers to the list of businesses classified as “financial institutions” under the Bank Secrecy Act.
Details: The proposed rule would apply anti-money-laundering and countering-the-financing-of-terrorism requirements to registered investment advisers, including suspicious activity reporting standards and recordkeeping requirements. It also would apply information-sharing provisions and delegate examination authority to the Securities and Exchange Commission.
Comment Deadline: Comments on the proposal are due by April 15.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
