Article
Navigating the new FinCEN final rule for investment advisers
Nov. 12, 2024 · Authored by Crystal Trout
The FinCEN final rule deadline is extended, not cancelled. Don’t delay the new AML rules for RIAs to the last minute
The U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued a final rule to extend the effective date of its anti-money laundering (AML) final rule for investment advisers. Now extended to Jan. 1, 2028, this offers firms a valuable window to reassess compliance plans and operational readiness. Visit this webpage for more information on the FinCEN final rule.
Building a program and establishing the tech stack and human capital needs to implement and execute AML compliance takes time. While the extension provides temporary relief, regulatory momentum remains strong. The article below runs through important facts registered investment advisers (RIAs) should be aware of as they are preparing for the Jan. 1, 2028, deadline.
To learn more about our AML solutions, check out our webpage on the subject.
On Aug. 28, 2024, the Financial Crimes Enforcement Network (FinCEN) issued a pivotal final rule aimed at fortifying the investment adviser sector against illicit finance activities. This rule, which integrates certain RIAs and exempt reporting advisers (ERAs) into the definition of “financial institution” under the Bank Secrecy Act (BSA), marks a significant shift in regulatory expectations. As a critical player in the financial services industry, it’s crucial to understand the implications of this rule for investment advisers and their compliance obligations.
