Treasury proposes new anti-money laundering regulations for investment advisers
The Biden administration is rolling out new recordkeeping rules for U.S. investment advisers in its continued effort to clamp down on money laundering, illicit finance and fraud in the American financial system
WASHINGTON (AP) — The Biden administration is rolling out new recordkeeping rules for U.S. investment advisers in its continued effort to clamp down on money laundering, illicit finance and fraud in the American financial system.
The Treasury Department's Financial Crimes Enforcement Network — known as FinCEN — proposed a regulation on Tuesday that would require investment advisers to develop anti-money laundering programs and file reports with the government when suspicious activity is detected by clients, among other things.
An occupation rife with regulatory gaps that can be exploited to launder money and hide illicit wealth, new regulations for investment advisers would "level the regulatory playing field, protect U.S. economic and national security, and safeguard American businesses,” said FinCEN Director Andrea Gacki in a statement.
The proposal follows other recent announcements by the Biden administration that target financial crime.
