FinCEN expands AML/CTF program requirements to cover exempt reporting advisors

On February 13, 2024, the Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Treasury took a decisive step toward expanding the compliance obligations of certain types of investment advisers. By withdrawing its 2015 proposal and introducing a new set of proposed rules (the “Proposed Rules”), FinCEN aims to strengthen Anti-Money Laundering/Counter-Terrorist Financing (“AML/CTF”) measures among Registered Investment Advisers (“RIAs”) and SEC Exempt Reporting Advisers (ERAs). This update signifies a broadening of the scope for AML obligations, marking the first time ERAs have been explicitly included under such regulatory requirements.

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