US private fund managers should prepare for new anti-money laundering rules that will shortly enter into force, according to law firm Robinson & Cole.
The Treasury Department’s Financial Crimes Enforcement Network will soon publish the final rule that subjects SEC-registered investment advisors to anti-money laundering rules, the law firm said in a note.
The rule is expected to require RIAs to develop and implement a written AML program designed to identify and prevent the use of the RIA by its investors for money laundering purposes, and require the RIA to submit Suspicious Activity Reports for investor activities involving more than $5000 in funds. There is no specific date for its launch as yet.
“As AML regulations continue to expand, all investment advisers may find it beneficial to continually monitor existing regulations and proactively build out their AML compliance programs in anticipation of forthcoming requirements,” Robinson & Cole said.
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