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ARTICLE · 04 SEPTEMBER 2024

AML And KYC Obligations (Finally) Imposed On Private Fund Managers

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On August 28, 2024, the U.S. Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN") issued a final rule that will, upon effectiveness (January 1, 2026)...

United StatesFinance and Banking
Akin Gump Strauss Hauer & Feld LLP
Akin Gump Strauss Hauer & Feld LLP
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On August 28, 2024, the U.S. Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN") issued a final rule that will, upon effectiveness (January 1, 2026), require most private fund managers to:

  • adopt and operate a risk-based program requiring anti-money laundering and countering financing of terrorism ("AML/CFT") measures; and
  • report suspicious activity to FinCEN.

FinCEN's Fact Sheet describing the key elements of the final rule can be found here.

Definitional Amendment. This change was accomplished by amending the definition of a covered "financial institution" in FinCEN's AML regulations to append "investment adviser" as a new, eleventh, category. (Currently, the definition of "Financial Institution" includes, among other entities, banks, money services businesses, and securities broker/dealers.)

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