In August, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) proposed rules that would require investment advisers to maintain anti-money-laundering programs under the Bank Secrecy Act. Those rules would 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 war with money-launderers.
The Bank Secrecy Act imposes reporting obligations on financial institutions, a defined term that includes banks, broker-dealers, money services businesses, casinos, insurance companies and credit card operators, among others. The act requires these institutions to put in place effective anti-money-laundering programs — with designated compliance officers, employee training and independent testing — and to report information about certain customer transactions to the government.
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