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.
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FinCEN Director Andrea Gacki reviewed the agency's efforts to implement beneficial ownership information reporting requirements under the Corporate Transparency Act.
NFA notified its members that swap dealers must electronically file required notices related to swap dealer initial margin models.
A CFTC-registered swap dealer settled NFA charges for rule violations concerning posting variation margin on swaps and supervision over external business conduct.
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.