A key deadline is approaching for public comments on proposed amendments to the U.S. Anti-Money Laundering (AML) rule, which will impact wealth advisors and Registered Investment Advisers (RIAs) with over $110 million in assets. Haynes Boone Co-Chair of Investment Adviser Regulatory Compliance Evan Hall weighed in on the expected changes in a conversation with Family Wealth Report.
Wealth mangers should expect a “modified rule proposal,” according to Evan Hall, co-chair of the Investment Adviser Regulatory Compliance practice at Haynes Boone. The “biggest complaint” from industry groups to date has centered on aligning the Customer Identification Programs for RIAs with the AML rule, Hall said.
Industry trade organizations are likely to ask FinCEN to “reevaluate” the scope of which firms the AML rule will apply, Hall said. “Advisory firms want more flexibility based on their business,” he explained. …
Hall also urged advisors to begin implementing AML security measures sooner rather than later. “Advisors should expect a reasonable degree of inquiry from the SEC,” he said. “There’s going to be oversight even with the delay.”
Read the full Family Wealth Report article here.
