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Clifford Chance

Clifford Chance


FinCEN Issues New Proposed Rule for Registered Investment Advisers to Implement AML Program and Report Suspicious Activities

25 August 2015

Today, the Financial Crimes Enforcement Network issued a notice of proposed rulemaking. The Proposed Rule (available at, would require investment advisers that are registered (or required to be registered) with the Securities Exchange Commission (i.e., registered investment advisers) to:

  1. establish an anti-money laundering program; and
  2. file suspicious activity reports.

In addition, the Proposed Rule would include Registered Investment Advisers in the definition of "financial institution" under the Bank Secrecy Act that would require investment adviser to, among other things, file Currency Transaction Reports and maintain certain records regarding the transmittal of funds.  FinCEN intends to delegate examination authority for ensuring compliance with the Proposed Rule's requirements to the SEC.

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