Anti-Money Laundering

Final Mutual Fund SAR Rule Issued

Happy Halloween! The Department of Treasurys FinCEN unit has issued a final mutual fund SAR rule. Mutual funds will officially be required to file suspicious activity reports on Form SAR-SF with FinCEN for any suspect transactions occurring after October 31, 2006. Of note: the final release addresses joint filings by multiple funds. It also requires a […]

ICI Seeks AML Relief

The Investment Company Institute has asked FinCEN to confirm that its new correspondent account rule does not apply to a FundSERV account “established, maintained, administered or managed” by a mutual fund for an NSCC member firm, provided that the member firm is a U.S. financial institution, even if the member firms customer is a foreign financial […]

NASD Guides on AML Testing

The NASD has amended its anti-money laundering rule to clarify that, “for most firms,” the independent test of the firms AML compliance program should be performed at least once each calendar year. However, firms that do not execute transactions for customers, hold customer accounts, or act as an introducing broker for customer accounts are permitted to […]

FinCEN Finalizes AML Correspondent Account, Private Banking Rules

Attention mutual funds and broker-dealers: After nearly four years, FinCEN finally has issued final correspondent account and private banking rules requiring firms to conduct AML due diligence on accounts opened by certain foreign institutions and by certain wealthy individuals. Stand-alone advisers are not subject to those rules. Theres not much time to get up to speed. […]

Adviser and Hedge Fund AML Rules by Year End?

After years of slumber, it looks like the anti-money laundering rule for advisers is finally starting to move. Remember how we were told that the adviser AML rule, jointly proposed by the Department of Treasury and the SEC in 2003, would have to wait until Treasury adopted an insurance company AML rule? That happened two […]

What Are We Supposed to Be Doing? (The expanded version)

Remember that list of sample “to-dos” published in IM Insight on July 4, 2005? As promised, heres an expanded list, based on many helpful comments from industry participants. Use it to jog your memory, spark ideas, and/or give you a sense of what other firms are up to. Many of these to-dos are not explicitly […]

Is the Adviser AML Rule Dead?

The investment adviser anti-money laundering rule was first proposed in May 2003. Its been more than two years now, and no final rule is in sight. Whats going on? Is it dead?No. “The investment adviser rule is alive and well,” said FinCEN spokesperson Sheri James. “It is moving up on the priority list.” James, who […]

E-Mail Guidance This Month? A Look at Whats Next From the Division of Investment...

The mutual fund redemption fee rule has been adopted. The point of sale and fund confirm disclosures have just been reproposed, and the fee-based brokerage rule is coming next month. Wondering whats next? At last weeks ICAA/IA Week conference, attorney-fellow Nancy Morris provided a peek into the Division of Investment Managements pipeline: E-mail guidance. Look […]

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 Acts definition of “financial intermediary” by the Department of Treasurys FinCEN. In a February 10 no-action letter, the staff of the Division of Market Regulation extended the […]

No Separate SAR Needed for OFAC Blocking Report, Says Treasury

Attention dual registrants: If you file an OFAC blocking report, you no longer have to file a separate SAR for the transaction, unless theres something aside from the fact that it was blocked that should be brought to FinCENs attention. Thats the upshot of recent interpretative guidance issued by the Treasury Departments Financial Crimes Enforcement […]

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.