Proposed Anti-Money Laundering Regulation for Investment Advisers Passes First Hurdle, Gets OMB Approval

August 17, 2015

There has recently been speculation about a new U.S. rule that would potentially subject investment advisers to the same types of anti-money laundering (“AML”) regulations that govern banks. Now, the speculation is over. According to its website, the Office of Management and Budget (“OMB”) approved a new AML rule proposed by the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) on July 23, 2015, paving the way for implementation after a period of public comment.

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