Reported by Holly Deaton FinCEN proposes that RIAs and exempt reporting advisors (ERAs) — advisors that are not required to register with state or federal regulators but still pay fees and report public information — would now fall under the Bank Secrecy Act. The rule would require that advisors create risk-based AML/CFT programs as well […]

Reported by Chris Cumming Under the rules—which can take effect following a 60-day comment period—fund advisers including private-equity managers will have to start programs to prevent money laundering and keep records of customer cash flows. Most significantly, lawyers say, they will have to report suspicious transactions to the government. The rule is part of the […]