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Community banks raise burden concerns over FinCEN’s AML/CFT investment advisor rule
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Banking
Friday, September 6, 2024
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In an effort to address the uneven application of anti-money laundering/countering the financing of terrorism (AML/CFT) requirements across the financial industry, the Financial Crime Enforcement Network finalized a rule to apply AML/CFT requirements to investment advisors.
The rule has caused concerns among some financial industry advocates who argue the rule simply codifies activities banks already engage in to help law enforcement thwart criminal activity and adds new burdens for smaller financial institutions.
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