FinCEN Continues Aggressive Anti-Money Laundering Trend

Law360, New York (August 31, 2015, 1:45 PM EDT) -- Douglas H. Fischer

Raymond Banoun On Aug. 25, 2015, the Financial Crimes Enforcement Network proposed regulations that would require certain investment advisers to establish anti-money laundering programs and report suspicious activity to FinCEN pursuant to the Bank Secrecy Act.[1] Under the proposed rule, investment advisers would be considered "financial institutions" under the BSA and, therefore, be subject to many new and burdensome compliance, reporting and record keeping requirements.[2]

While investment advisers — like all businesses and individuals — can be held criminally liable for conducting financial transactions with the proceeds of unlawful activity, or aiding and abetting such transactions,[3] they are...

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