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