Treasury proposes new anti-money laundering regulations for investment advisers
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The Biden administration is proposing new recordkeeping rules for U.S. investment advisers to combat money laundering and illicit finance. The Treasury Department's Financial Crimes Enforcement Network (FinCEN) has proposed a regulation that would require investment advisers to develop anti-money laundering programs and report suspicious activity to the government. The proposal aims to level the regulatory playing field, protect national security, and safeguard American businesses. This follows other recent announcements by the Biden administration targeting financial crime, including a rule requiring real estate professionals to report information about non-financed sales of residential real estate to legal entities, trusts, and shell companies. The Treasury has also launched a beneficial ownership registry and plans to prioritize anti-corruption efforts and transparency in the financial system. The investment adviser rule is expected to add transparency to the U.S. financial system and assist law enforcement in identifying illicit proceeds. Public comment on the rule will be open until April 15.
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