Skip to Primary Navigation

Skip to main content

SEC and FinCEN extend customer identification program obligations to IAs

Stamps inside a passport.
Photo: Getty Images/Joseph Sohm

Thomas Hyrkiel, Julie DiMauro

2 min read
 Click to share on Facebook (Opens in new window/tab) Click to share on Twitter (Opens in new window/tab) Click to share on LinkedIn (Opens in new window/tab) Click to share on WhatsApp (Opens in new window/tab)

The new rule will require investment advisers to implement procedures to verify the identity of customers and maintain records supporting verification.

The proposed rule strengthens the anti-money-laundering/combating the financing of terrorism (AML/CFT) framework and seeks to prevent illicit finance activity in the investment adviser sector.

The rulemaking follows on from FinCEN’s earlier proposals to designate investment advisers as financial institutions under the Bank Secrecy Act (BSA). The new

, , , , , , , ,

Get full access, free for a month

Start your 28-day free trial to continue reading and access
all content on GRIP – no payment details required.

Start free trial Sign in

What’s included:

  • Every new article, plus our 5,000+ archive
  • Daily regulatory insight and guidance
  • Exclusive interviews and in-depth analysis
  • Coverage of industry-leading events and conferences
  • All podcasts and videos, featuring industry experts
  • The full set of Rules Navigator tools
  • An ad-free experience