The Financial Crimes Enforcement Network today temporarily exempted investment advisers from a new rule requiring them to comply with Bank Secrecy Act regulations, saying it intends to propose new rulemaking in the near future.
Under the investment adviser rule, covered advisers must implement risk-based anti-money laundering/countering the financing of terrorism programs, report suspicious activity to FinCEN and fulfill recordkeeping requirements. The rule was set to go into effect Jan. 1, 2026, but today’s order exempts covered advisers from compliance until Jan. 1, 2028. FinCEN said it intends to propose new rulemaking to propose a new effective date before the 2028 deadline.
FinCEN had previously announced it planned to postpone the rule’s effect date. It also intends to revisit a joint proposal with the Securities and Exchange Commission to require investment advisers to comply with customer identification program rule requirements.
