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ARTICLE · 09 SEPTEMBER 2024

FinCEN Issues Final Rule On AML/CFT Requirements For Investment Adviser Sector

Holland & Knight
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The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on Aug. 28, 2024, issued a final rule to help safeguard the investment adviser sector...

United StatesFinance and Banking
Andres Fernandez
Andres Fernandez
Gabriel Caballero Jr.
Gabriel Caballero Jr.
Daniel Noste
Daniel Noste
Catherine Yepes
Catherine Yepes
Jacob Marco
Jacob Marco
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Highlights

  • The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule (Final Rule) adding certain registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to the definition of "financial institution" under the regulations implementing the Bank Secrecy Act of 1970 (BSA).
  • The Final Rule prescribes minimum standards for anti-money laundering (AML) and countering the financing of terrorism (CFT) programs, requires the filing of certain reports and imposes certain recordkeeping requirements in addition to other obligations applicable to "financial institutions" subject to the BSA and its implementing regulations.
  • Investment advisers should evaluate the Final Rule promptly to assess its applicability and ensure compliance on or before Jan. 1, 2026.

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