"U.S. Treasury Proposes New Anti-Money Laundering Rules for Investment Advisers"
The Treasury Department's Financial Crimes Enforcement Network (FinCEN) has proposed new regulations to extend anti-money laundering (AML) rules to certain investment advisers, requiring them to file Suspicious Activity Reports (SARs) and disclose additional client information. The rules would apply to SEC-registered investment advisers, aiming to address gaps in AML regulations that have allowed illicit actors to exploit U.S. investment advisers for money laundering and other criminal activities. FinCEN's move marks the third attempt to expand AML provisions to cover investment advisers and comes amid a surge in the use of investment advisors for illicit finance, including by nation-state actors like Russia and China.