Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) aimed at preventing criminals and foreign adversaries from exploiting the U.S. financial system through investment advisers. This rule, complementing recent actions against illicit finance, seeks to enhance transparency and aid law enforcement in detecting illicit proceeds.
The NPRM proposes requiring certain investment advisers to adhere to Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements under the Bank Secrecy Act (BSA), including implementing risk-based programs, reporting suspicious activity, and maintaining records. Treasury also published a risk assessment highlighting threats and vulnerabilities, such as the uneven application of AML/CFT requirements.
Additionally, the proposed rule facilitates information-sharing among FinCEN, law enforcement, and financial institutions, and delegates examination authority to the SEC. It aligns with the 2021 U.S. Strategy on Countering Corruption and aims to minimize business burden while enhancing financial transparency.
Public comments on the proposed rule are invited until April 15, 2024.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}