Intelligo’s Post

U.S. financial regulators, including the #SEC and #FinCEN, have introduced new #AML rules for #fund advisers. But what does that mean for you? 🤔 These proposed #regulations aim to enhance customer identity documentation to prevent illicit #financial activities. This move is part of a broader effort to strengthen the financial system's integrity, especially amid #global conflicts. While the proposal is comprehensive, it faced dissent due to concerns about its scope and impact on investment advisers. What are your thoughts? https://lnkd.in/edx8t6Tp

The Financial Crimes Enforcement Network, US Treasury (FCEN) has issued a proposed rule to address finance risks in the investment adviser industry, particularly registered investment advisers (RIAs) and exempt reporting advisers (ERAs) within the U.S. Securities and Exchange Commission (SEC) that were previously exempt from the term “financial institution” under the Bank Secrecy Act (BSA). To read more about the proposed changes and how it could impact certain programs and organizations, please click below. #FinancialCrimesEnforcementNetwork #RegisteredInvestmentAdvisers #ExemptReportingAdvisors #SEC

A proposed rule on anti-money laundering is starting to roll after a significant delay and is currently in its public comment phase.   What does the rule propose that your financial services organization isn't already doing, and what might it mean for your operations in the future? Our consultants are happy to help you discuss your options. Just reach out to connect.   Story by Thomson Reuters #AML #FinCEN #Treasury https://bit.ly/3xTPqVn

A proposed rule on anti-money laundering is starting to roll after a significant delay and is currently in its public comment phase.   What does the rule propose that your financial services organization isn't already doing, and what might it mean for your operations in the future? Our consultants are happy to help you discuss your options. Just reach out to connect.   Story by Thomson Reuters #AML #FinCEN #Treasury https://bit.ly/3xTPqVn

The Financial Crimes Enforcement Network, US Treasury and the U.S. Securities and Exchange Commission jointly proposed a new rule that would require SEC-registered investment advisers and exempt reporting advisers to establish, document, and maintain written customer identification programs. 🛡️ This proposal aims to strengthen the anti-money laundering and counter the financing of terrorism framework for investment advisers, ultimately preventing illicit finance activity involving their customers . 📝 The public comment period will be open for 60 days after publication of the proposed rule in the Federal Register. Read more: 📰 News Release --> https://lnkd.in/esqr8cre 📄 Fact Sheet --> https://lnkd.in/ezZhYMtr 📑 Notice of Proposed Rulemaking --> https://lnkd.in/e4NkvTqJ Stay informed, stay compliant! 🤝 Partner with Eclipse Consulting Group to take a proactive stance against financial crime and safeguard your institution. #FinCEN #SEC #InvestmentAdvisers #AML #CFT #RegulatoryCompliance #FinanceSector #AntiMoneyLaundering #TerrorismFinancing #ComplianceIsKey

🇺🇸 In a significant move to strengthen financial regulations, the U.S. Department of the Treasury announced on Dec 11 that its Financial Crimes Enforcement Network, US Treasury (#FinCEN) is set to propose new rules in early 2024 targeting #moneylaundering in the #realestate sector. This long-awaited rule aims to close loopholes in the current regulatory framework, which anti-#corruption advocates argue are too easy to exploit. Additionally, FinCEN is planning to issue a rulemaking notice requiring investment advisers to report #suspicioustransactions. A key element of the upcoming proposal, initially expected this year, mandates real estate professionals to disclose the identities of the #beneficialowners of companies making #cash real estate purchases. These measures represent a significant step forward in the U.S. Federal Government's efforts to combat #financialcrimes and enhance #transparency in high-value transactions. https://lnkd.in/eFdy2U7U

Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) to keep criminals and foreign adversaries from exploiting the U.S. financial system and assets through investment advisers. This proposed rule, which complements Treasury’s other recent actions to combat the illicit finance risks from anonymous companies and all-cash real estate transactions, will add further transparency to the U.S. financial system and help assist law enforcement in identifying illicit proceeds entering the U.S. economy.

I'm scratching my head ... Apparently, "FinCEN encourages U.S. financial institutions to continue to use, and potentially expand, their existing processes to collect and share information with foreign financial institutions in furtherance of investigations that involve cross-border activity." So says a FinCEN Readout from Director Gacki's participation on a FIBA conference panel. What existing processes are there that allow US financial institutions to collect and share information with foreign financial institutions in furtherance of investigations that involve cross-border activity? The Patriot Act allows US banks to collect information FROM their foreign correspondent bank customers ... but collect and share information WITH foreign financial institutions? And non-US banks operating in the US can share SAR-related information with their foreign home offices, but US banks cannot share SAR-related information with their foreign branches. Thus ... section 6212 of the AML Act of 2020 adds a new subsection (8) to 31 USC 5318(g) that would create a 3-year pilot program (which can be extended a further two years) that would allow a US financial institution to share SAR information with its foreign branches and affiliates. This new subsection is not self-effectuating: it requires FinCEN to publish a rule. That rule was due within one year of the passage of the Act (by January 1, 2022). As of March 20, 2024 – after the initial 3-year pilot period has ended without extension - there is no such rule. What existing processes is FinCEN writing about? https://lnkd.in/gX7F87_J

The Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, issued Tuesday its long-awaited anti-money laundering rule for investment advisors on Feb 13th 2024 (quoted from the article) In a Notice of Proposed Rulemaking, FinCEN states that its proposed rule complements Treasury’s other recent actions “to combat the illicit finance risks from anonymous companies and all-cash real estate transactions,” and that it will add “further transparency to the U.S. financial system and help assist law enforcement in identifying illicit proceeds entering the U.S. economy.” Advisors registered with the Securities and Exchange Commission, as well as those that report to the SEC as exempt reporting advisers, would be required to implement anti-money laundering and combating the financing of terrorism (AML/CFT) programs, according to FinCEN. Advisors would also be required to file suspicious activity reports, fulfill certain recordkeeping requirements, and fulfill other obligations applicable to financial institutions subject to the BSA and FinCEN’s implementing regulations. #AML https://lnkd.in/gagvx3j7

US FinCEN Proposes Rule to Combat Illicit Finance and National Security Threats in Investment Adviser Sector. https://lnkd.in/egrusGUU US Treasury unit proposes anti-money laundering rules for fund advisers. https://lnkd.in/eqqkWR6a Last week, FinCEN Proposed Rule to Combat Money Laundering and Promote Transparency in Residential Real Estate. https://lnkd.in/eSwg3hBq