JD Supra

Client Alert: A Second Wave: FinCEN and SEC Further Extend Investment Advisers’ AML Obligations with New CIP Requirements

In a sequel to FinCEN’s proposal earlier this year to extend anti-money laundering and Bank Secrecy Act regulations to investment advisers (AML/BSA Proposal), on May 13, 2024, FinCEN and the SEC ...
JD Supra

Federal Regulators Clarify Bank CIP Obligations for Prepaid Cardholders

Banks and credit unions that issue reloadable, general purpose prepaid cards must apply Customer Identification Program (CIP) procedures to those cardholders, according to guidance issued by the ...
Financial Advisor

RIAs Would Need To Toughen Client ID Verification Under Proposed Rule

Registered investment advisors of all sizes may soon need to beef up their customer ID process to comply with a new anti-money-laundering (AML) rule jointly proposed by the Securities and Exchange ...
American Banker

Updated customer identification rules are long overdue

Modern customer identification regulations are not only outdated, but actually contribute to a rise in identity crimes. New threats posed by identity fraud today have made the federal Customer ...
InvestmentNews

Industry groups welcome delay of AML rule for RIAs

Two of the largest organizations representing investment advisers and asset managers are voicing support for a federal proposal to postpone new anti-money laundering requirements for RIAs, while ...