JD Supra

Customer Identification Program Requirements for Investment Advisers

On May 13, the Securities and Exchange Commission (SEC) and the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) jointly proposed to require that SEC-registered investment ...
JD Supra

FinCEN (and SEC) Propose New Customer Identification Program Rule With Minimal Expected Impact on Private Fund Sponsors

On May 13, 2024, the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Treasury Department, and the Securities and Exchange Commission (SEC) proposed a joint rule (the Proposed ...
The National Law Review

FinCEN AML Alert Part 2: Customer Identification Program Requirements for Investment Advisers

We collaborate with the world's leading lawyers to deliver news tailored for you. Sign Up for any (or all) of our 25+ Newsletters. Some states have laws and ethical rules regarding solicitation and ...
InvestmentNews

LPL to pay $18M over AML program deficiencies

LPL Financial has agreed to pay an $18 million civil penalty for the SEC described as significant shortcomings in the firm's anti-money laundering program. The reported violations, which occurred ...
WealthManagement.com

SEC, Treasury Department Propose Anti-Money Laundering Rule for RIAs

The SEC is proposing a new customer identification program on the heels of the Treasury Department’s February 2024 proposal to stem potential money laundering. The program would require RIAs and ...
Crowdfund Insider

American Fintech Council Responds to FinCEN Customer Identification Program Information Request

The American Fintech Council, an association representing Fintech companies and BaaS banks, has submitted a response to the US Department of Treasury, Financial Crimes Enforcement Network (FinCEN) ...