"Proposed Rules: Strengthening Anti-Money Laundering Measures for Investment Advisers and Real Estate Transactions"

The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) has proposed a rule to apply comprehensive anti-money laundering and countering the financing of terrorism measures to certain investment advisers, including registered investment advisers (RIAs) and exempt reporting advisers (ERAs). The proposed rule aims to address the vulnerability of the investment adviser sector to illicit finance activity, enhance transparency, and protect the U.S. financial system against abuse by money launderers and other bad actors. The rule would require covered investment advisers to implement AML/CFT programs, file suspicious activity reports, and fulfill other obligations under the Bank Secrecy Act. The comment period for the proposed rule is open until April 15, 2024.