Anti-Money Laundering

FBAR Filing Looms for Advisers With Foreign Accounts

Does your firm invest overseas? Has it set up a foreign bank account or a foreign prime brokerage account to facilitate currency trades, derivative strategies, or foreign investments? Does your firm manage an offshore hedge fund? If you answered yes to any of the above, youd better figure out whether or not your firm – […]

No More AML Rule Proposal for Advisers (For Now)

FinCEN has announced that it has withdrawn its proposed anti-money laundering program rules for investment advisers, hedge funds, and commodity trading advisors. However, it will continue to consider whether such entities should be subject to specific AML requirements down the line.“Given the passage of time since these rules were first proposed in 2002 and 2003, […]

New AML Source Tool for Funds

The SEC has compiled the key laws, rules, and guidance applicable to mutual funds anti-money laundering obligations and put them all in one place. The SECs new AML “source tool” for mutual funds contains information about AML compliance programs, SARs, customer identification programs, heightened due diligence for certain types of accounts, and OFAC. It also provides […]

The 2008 Investment Management Industry Compliance Testing Survey (Part 2 of 2)

Heres our continued look at this years Investment Management Compliance Testing survey report, organized by the Investment Adviser Association, ACA Compliance Group, Old Mutual Asset Management, and IM Insight. The survey, which was conducted online in March 2008, collected responses from more than 400 compliance professionals representing a wide range of SEC-registered investment advisers.This article […]

SEC Releases AML Reference Tool

Looking for anti-money laundering information? Check out the SECs “AML Source Tool.” Its not a “tool” per se, but rather a new page on the agencys website. Still, its handy. Developed by OCIE, the page contains links to various AML statutes, rules, and agency and SRO guidance. While most directly applicable to broker-dealers, investment advisers […]

Donohue Describes Regulatory Priorities

At last weeks Investment Adviser Association/IA Week conference, Division of Investment Management director Buddy Donohue reported that the Division staff currently is conducting a review of existing regulations in an effort to refine or even weed out unnecessary or ineffective regulatory requirements. The idea of a “regulatory cycle,” he said, is “very real.” In his […]

New Bill Mandates Hedge Fund AML Rule

On February 17, Senator Carl Levin (D-MI) introduced a new bill designed to stop tax haven abuse. Of particular interest to hedge fund managers, the bill would require Treasurys FinCEN department to issue a final hedge fund AML rule within 180 days of the legislations enactment. “Currently, unregistered investment companies, such as hedge funds and […]

Additional Highlights From the IAA Compliance Workshop

Some additional items of interest from the October 26 Investment Adviser Association compliance workshop in Washington, DC: Annual review results. According to OCIE associate director Gene Gohlke, the first annual review process seems to have gone smoothly, at least from SEC examiners perspective. “We actually did not find many significant issues with the annual reviews […]

FinCEN Issues Mutual Fund SAR FAQ

FinCEN has posted an FAQ designed to provide practical guidance for mutual funds subject to SAR filings. Compliance with the fund SAR rule is required for transactions occurring after October 31, 2006.

SEC Staff Extends BD AML Relief

Once again, the staff of the Division of Market Regulation has assured broker-dealers that they may rely on investment advisers to fulfill some of their anti-money laundering duties, even though investment advisers have not officially been brought into the AML fold. (And no, theres still no predicting when that is going to happen.) On July […]

Audio Interviews

How to Read an SEC Enforcement Action

Stern Tannenbaum law firm partner Aegis Frumento on how to get the most from reading an SEC administrative order or court complaint.

Most Important Supreme Court Decisions for Advisers and Funds

Find out the high court decisions from recent years that are likely to affect how advisers and investment companies work from Debevoise partner Robert Kaplan. 

Top 10 Cybersecurity Steps to Take Now

Sutherland law firm partner Brian Rubin shares the most urgent cybersecurity steps for investment advisers.

Top Marketing Problems … and Solutions

Get solutions for the top marketing challenges that advisers face from ACA Compliance Group managing director Kimberly Daly

Watch Out for 5 Cybersecurity Myths

ACA Aponix Director Pascal Busnel on the most common cybersecurity myths that may cause firms to spend resources where they may not be needed.

The Hidden Costs of Non-Compliance

Proskauer law firm partner and former SEC Division of Investment Management deputy director Robert Plaze on why the costs of non-compliance go way beyond an SEC penalty.

CCO Liability: How to Protect Yourself

Find out from Blue Edge Capital CCO Margaret Fretz what chief compliance officers may be liable for and best practices to make sure you are protected.

Ethics or Compliance: Making the Choice

Find out the difference an ethics, rather than a compliance, perspective makes at an advisory firm from former Ethics and Compliance Officer Association COO Timothy Mazur.