Treasury Delays, May Revise New Compliance Rules for Investment Advisers
The Treasury Department is delaying the effective date of new regulations that were set to make investment advisers subject to anti-money laundering and counterterrorism financing requirements. The final rule, which was issued in August 2024 and was scheduled to take effect Jan. 1, 2026, will now take effect Jan. 1, 2028. The rule was meant to close a loophole that the Biden administration said allowed criminal actors to hide money in the U.S. and sanctioned companies to access sensitive technology through investments in American firms (see 2408290024).
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Treasury's Financial Crimes Enforcement Network said delaying the rule "may help ease potential compliance costs for industry and reduce regulatory uncertainty while FinCEN undertakes a broader review" of the new regulations. FinCEN said it plans to "revisit the scope" of the rule "at a future date," and it may issue another rulemaking with changes. It also plans to "revisit" the rule it proposed last year with the SEC that sought to establish customer identification program rule requirements for investment advisers.