Now that you’ve seen what ACA Insight has to offer, don’t be without it. Subscribe now!

The weekly news source for investment management legal and compliance professionals

Current subscribers - please log in to the website in the upper right-hand corner

News February 21, 2005 Issue

AML No-Action Relief for BDs Extended

Broker-dealers can continue to rely on investment advisers in meeting their customer identification program (CIP) obligations, even though advisers have not yet been brought into the Bank Secrecy Actís definition of "financial intermediary" by the Department of Treasuryís FinCEN.

In a February 10 no-action letter, the staff of the Division of Market Regulation extended the relief provided in their February 12, 2004 letter to the Securities Industry Association. The new relief expires upon the effectiveness of an adviser AML rule or July 12, 2006, whichever comes first.