The US Treasury proposes new regulations to strengthen AML and CFT measures for investment advisers, aiming to safeguard the financial system and enhance national security.
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FinCEN, the U.S. financial intelligence unit and supervisory authority, has proposed a rule targeting investment advisers to close regulatory gaps and enhance efforts against money laundering and terrorism financing.
Asset management organizations are subject to rigid regulatory procedures; thus, embodying a firm customer onboarding strategy is essential.
Investment companies invest in the accumulated capital of investors in financial securities. These funds can be used by those who want to launder money.