Treasury proposes new anti-money laundering regulations for investment advisers

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — The Biden administration is rolling out new recordkeeping rules for U.S. investment advisers in its continued effort to clamp down on money laundering, illicit finance and fraud in the American financial system. The proposal, if finalized, would require advisers to develop an anti-money laundering program and file reports of clients’ suspicious activity with the government. Treasury’s Financial Crimes Enforcement Network Director Andrea Gacki says regulatory gaps can be exploited to launder money and hide illicit wealth, so the new regulations for investment advisers would “level the regulatory playing field, protect U.S. economic and national security, and safeguard American businesses.”