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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The Treasury Department urged financial institutions to be on alert for malicious or fraudulent transactions, and to notify FinCEN of any potential delays in submitting Suspicious Activity Reports.
The Financial Crimes Enforcement Network extended time-limited relief from the Beneficial Ownership Rule for certain financial products or services that automatically roll over or renew.
FinCEN issued a ruling that will provide entities with time-limited relief from the Beneficial Ownership Rule for "certain financial products or services that automatically rollover or renew."
The Financial Action Task Force updated the list of jurisdictions with strategic deficiencies in combating anti-money laundering and countering the financing of terrorism.