In August, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) proposed rules that would require investment advisers to maintain effective antimoney laundering programs under the Bank Secrecy Act. If finalized, those rules will force thousands of advisers overseeing tens of trillions of dollars in assets to join banks, brokers and other financial institutions that have been drafted by the government as its “eyes and ears” in its ongoing war with money launderers.
Why the New Rules?
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