 WASHINGTON, Nov 16 (Thomson Reuters Accelus) – The U.S. Treasury Department is developing long-awaited anti-money laundering rules for investment advisers and plans to involve the Securities and Exchange Commission and state regulators in the process, a senior department official said.
James Freis Jr., director of Treasury’s Financial Crimes Enforcement Network (FinCEN), said regulation of investment advisers in general under the Dodd-Frank Act has progressed sufficiently far that FinCEN can “revisit” the issue, which it put on the back burner in 2008 as it worked on rules for other industries.
“FinCEN is currently revisiting the topic of investment advisers, building on the changes to that industry pursuant to the Dodd-Frank Act, the SEC rules implementing Dodd-Frank and other changes, and is working on a regulatory proposal that would require investment advisers to establish AML (anti-money laundering) programs and report suspicious activity,” Freis told a Washington conference on money laundering on Tuesday.
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