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.
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.
FinCEN extended the Foreign Bank and Financial Accounts reporting deadline for filers affected by certain severe weather events. The relief was extended from October 15, 2021, to December 31, 2021.
FinCEN further extended the reopened comment periods on a proposal concerning transactions that involve certain convertible virtual currency and digital assets with legal tender status.