SEC and FinCEN propose rules for fund advisers to document customer identities to combat money laundering in the investment industry.
US financial regulators, the Securities and Exchange Commission (SEC) and the Treasury's Financial Crimes Enforcement Network (FinCEN), jointly proposed new rules to combat money laundering, requiring fund advisers to document customer identities, as part of a wider effort to keep illicit funds out of the investment industry. The proposed rules would apply to SEC-registered investment advisers and fund advisers exempt from registration due to the nature and amount of their customers' funds.
May 13, 2024
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