FinCEN proposed to include "investment adviser" in the definition of "financial institution" under the Bank Secrecy Act. The proposed rule would require advisers to implement AML/CFT programs and maintain recordkeeping requirements.
News & Insights
FinCEN Director Andrea Gacki reviewed the agency's efforts to implement beneficial ownership information reporting requirements under the Corporate Transparency Act.
Representative Andy Ogles (R-TN) joined several Republican House members urging the CFPB to rescind a proposal to establish a nonbank registry and require financial institutions to register with the CFPB.
A bipartisan group of 47 members of Congress urged SEC Chair Gary Gensler to extend the comment period on its Private Funds Advisers and Form PF proposals to at least 90 days post-publication in the Federal Register.
FinCEN extended the date for certain Report of Foreign Bank and Financial Accounts ("FBAR") filings until April 15, 2023. The extension applies to certain U.S. persons with authority over foreign financial accounts.