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
In a newly issued Fact Sheet, Treasury highlighted recent efforts to fight corruption and enhance its AML efforts.
Assistant Secretary of the Treasury for Terrorist Financing and Financial Crimes Elizabeth Rosenberg highlighted areas of increasing concern for AML/CFT policymakers: the hiding of ownership of assets managed by investment advisers and the lack of regulation over the non-financed segment of the real estate market.
Treasury Under Secretary for Terrorism and Financial Intelligence Brian E. Nelson (i) reviewed the Department's efforts to target Russia's "war machine " and (ii) identified risks present in countering illicit finance.
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.