August 28, 2024
Contact: IAA VP of Communications & Marketing Janay Rickwalder
Today, the Treasury Department released its final rule to impose anti-money laundering (AML) regulations on investment advisers.
The Investment Adviser Association fully supports efforts to combat money laundering and terrorist financing, but additions to the current robust U.S. AML regulatory regime must be risk-based and designed to fill identified gaps in the existing landscape rather than duplicate the protections that already exist.
The IAA’s recommendations called for changes that we believe would better target the rule’s scope and impact. Based on our preliminary assessment of the final rule, while we note that the Department made several changes to the proposal, which are responsive to some of the IAA’s requests, the rule was adopted largely as proposed. The IAA believes that the final rule is too prescriptive in certain of its specific requirements, which will make it more difficult for advisers to tailor their programs accordingly. The final rule will also impose undue burdens on smaller firms.
We are continuing to review the final rule and look forward to working with the Department as it looks to implement the rule.
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