FinCEN Proposes Long-Expected AML Rule for Investment Advisers

Simon RivelesAnti-Money Laundering, FINCEN, Investment Advisers

By William Kelly On August 25th, the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) proposed a new rule applicable to investment advisers. At its core, the proposal seeks to extend anti-money laundering (“AML”) obligations imposed under the Bank Secrecy Act (“BSA”) to registered investment advisers. This proposal comes as little surprise, as the Treasury Department has long contemplated the extension of AML regulations to investments …

Recent FINRA Anti-Money Laundering Actions against Member Firms

Simon RivelesAnti-Money Laundering, FINRA

Recent penalties imposed by the Financial Industry Regulatory Authority (FINRA) against three companies that failed to implement adequate procedures to detect money laundering demonstrate the agency’s continued attention on anti-money laundering (AML) compliance programs. FINRA levied a total of $900,000 in sanctions and suspensions against Atlas One Financial Group (“Atlas”), Firstrade Securities (“Firstrade”), and World Trade Financial Corporation (WFTC) in addition to four executives associated …