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ARTICLE · 12 SEPTEMBER 2024

FinCEN Issues Final AML Program And SAR Filing Requirements Rule For Investment Advisers

Simpson Thacher & Bartlett LLP
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On August 28, 2024, FinCEN issued a long-awaited final rule that will make most SEC-registered investment advisers and exempt reporting advisers "financial institutions" for purposes of certain anti-money laundering laws and regulations under the Bank Secrecy Act.

United StatesFinance and Banking
David Blass
David Blass
George Wang
George Wang
Daniel Levien
Daniel Levien
Claire Cahoon
Claire Cahoon
Abram Ellis
Abram Ellis
David Caldwell
David Caldwell
Christine Tillema
Christine Tillema

Introduction

On August 28, 2024, the Financial Crimes Enforcement Network (FinCEN) issued a long-awaited final rule that will make most SEC-registered investment advisers (RIAs)1 and exempt reporting advisers (ERAs)2 "financial institutions" for purposes of certain anti-money laundering laws and regulations under the Bank Secrecy Act (BSA). Under this rule, effective Jan. 1, 2026, covered RIAs and ERAs will be required to adopt anti-money laundering (AML) and countering the funding of terrorism (CFT) programs, file Suspicious Activity Reports (SARs), and comply with certain record-keeping requirements. The rule provides authority to the SEC to examine covered investment advisers' compliance.

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