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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Deutsche Bank AG agreed to pay a $425 million fine and hire an independent compliance monitor to settle New York Department of Financial Services charges alleging that traders in a Moscow affiliate of the bank conducted a money laundering "mirror-trading" scheme.