Treasury Delays Anti-Money Laundering Rule for Investment Advisers
The U.S. Treasury Department has announced a two-year postponement of the anti-money laundering (AML) rule implementation for investment advisers. This decision has raised concerns among industry experts, who believe it exposes the U.S. financial system to increased risks of dirty money. Concurrently, FinCEN has provided a reprieve for investment advisers regarding AML compliance. Financial advisers are now assessing their readiness and responding to the delayed deadlines, though they are warned that added burdens will accompany the new AML regulations once they are finally enforced.
U.S. Department of the Treasury (.gov), Law360, The FACT Coalition, Wealth Briefing, ComplyAdvantage, American Banker, Citywire, The National Law Review, MLex, Family Wealth Report