While banks and broker-dealers have faced increased regulatory scrutiny in recent years, investment advisers have not been required to comply with the Bank Secrecy Act and anti-money laundering rules and regulations. In the next few years, certain types of investment advisers could also face possible fines, sanctions and increased scrutiny by regulators if they fail to establish an anti-money laundering program and report suspicious activity to the Financial Crimes Enforcement Network.
On Aug. 25, FinCEN issued a notice of proposed rulemaking which, among other things, would include certain investment advisers in the general definition of financial institution in rules implementing the BSA. This could have huge implications for investment advisers.
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