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US Financial Regulators Recommend Anti-Money Laundering Rules For Investment Advisers


  • Two US financial regulators jointly recommend new anti-money laundering rules in the country.
  • The financial regulators are the US Securities and Exchange Commission (SEC) and the Treasury’s Financial Crimes Enforcement Network (FinCEN).
  • According to the rules, investment advisers and funds advisers should document their users’ identities
  • Also, the proposal demands the flagging of all suspicious transactions.

According to a Reuters report, two US financial regulators have proposed new anti-money laundering rules on Monday, May 13.

The regulators are the US Securities and Exchange Commission (SEC) and the Treasury’s Financial Crimes Enforcement Network (FinCEN).

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The regulators recommend that funds advisers and investment advisers should document their customers’ identities.

The move formed part of measures to curb the growing wave of money laundering in the investment industry.

Similarly, in February, the FinCEN proposed for investment advisers to adopt anti-money laundering programs.

Also, the regulator demanded the declaration of suspicious transactions by real estate experts.

Moreover, FinCEN noted that the rule will deter criminals and other adversaries from exploiting the country’s financial system.

It serves as a combat against risks from illegal financial deals from anonymous individual and corporate users.

Additionally, the new rule is for SEC-registered fund and investment advisers exempt from registration based on the amount and nature of users’ funds.

However, it doesn’t apply to advisers who registered at the state level.

Proposed Anti-money Laundering Rules Get Unharminous View

The newly proposed anti-money laundering rule didn’t get a unanimous view.

A Republican SEC member, Mark Uyeda, brought a contrary view about the rule.

Uyeda stated that regulators should conduct their initial research to ascertain the coverage of the rule.

This will help to determine the extent of investment adviser services that align with the Bank Secrecy Act.

Further, Uyeda acknowledged the credibility of the goals of the proposal.

However, he highlighted on potential impact that could impede its realization.

Uyeda stated that there are “legitimate questions as to whether imposing additional burdens on investment advisers will meaningfully contribute to those efforts.”


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