BurgherGray Newsletter

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.

We wish to inform you about a significant regulatory development that could reshape the fintech landscape. The Consumer Financial Protection Bureau (“CFPB”) recently proposed the Personal Financial Data Rights (the “Proposed Rule”) rule with the intention of making consumers’ financial transaction data more portable, thereby causing a broader shift to a more open banking ecosystem characterized by increased competition between banking service providers.

As we start the new year, it’s an opportune moment to look back on the rollercoaster year that was 2023. This year, globally, we’ve witnessed a mosaic of domestic and global challenges that have fueled economic, legal, social, and political uncertainties for many, including our clients. These challenges ranged from high interest rates and global inflationary pressures to anxiety-filled USD LIBOR sunset, ongoing geopolitical shifts, land mark SCOTUS decisions reversing previously well settled law regarding reproductive rights and DEI programs, major wars with global implications, and the continuing evolution in the way we live and work. These domestic and global currents have touched each of our lives, reshaping or otherwise impacting our celebrations, interactions, and perspectives. We are proud to have helped our clients navigate…