The US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced its intention to delay the effective date of the final rule establishing Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers (IA AML Rule). The new effective date is expected to be January 1, 2028.
The IA AML Rule aims to combat illicit finance risks and threats from foreign adversaries exploiting US financial systems. However, FinCEN recognizes the need to tailor the rule to the diverse business models and risk profiles of investment advisers. By delaying the effective date, FinCEN hopes to ease potential compliance costs for industry and reduce regulatory uncertainty.
During the delayed period, FinCEN will revisit the substance of the IA AML Rule through a future rulemaking process. It will also work with the Securities and Exchange Commission to review the joint proposed rule establishing customer identification program requirements for investment advisers.
Source: https://home.treasury.gov/news/press-releases/sb0201