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 proposed new reporting regulations "to require certain persons involved in real estate closings and settlements to submit reports and keep records on identified non-financed transfers of residential real property to specified legal entities and trusts on a nationwide basis." The new rule is aimed at targeting transfers deemed to be high-risk for money laundering.
A firm settled FINRA charges for failing to implement adequate systems to review suspicious activity in customer accounts, conduct independent testing of its AML program and provide reasonable training to employees responsible for implementing the program.
The Treasury Department issued the 2024 National Terrorist Financing Risk Assessment and the 2024 National Proliferation Financing Risk Assessment. The assessments are intended to assist both public and private sectors in understanding the current illicit finance environment and developing appropriate risk mitigation strategies.
The Office of the Comptroller of the Currency imposed a civil monetary penalty against a bank for failing to establish safe and sound practices with respect to its anti-money laundering operational framework and its "heightened standards" obligations.