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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-25-11 09:25 AM
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74. U.S. developing anti-laundering rules for advisers
http://www.reuters.com/article/2011/11/16/financial-lau...

The U.S. Treasury Department is developing long-awaited anti-money laundering rules for investment advisers and plans to involve the Securities and Exchange Commission and state regulators in the process, a senior department official said. James Freis Jr., director of Treasury's Financial Crimes Enforcement Network (FinCEN), said regulation of investment advisers in general under the Dodd-Frank Act has progressed sufficiently far that FinCEN can "revisit" the issue, which it put on the back burner in 2008 as it worked on rules for other industries. "FinCEN is currently revisiting the topic of investment advisers, building on the changes to that industry pursuant to the Dodd-Frank Act, the SEC rules implementing Dodd-Frank and other changes, and is working on a regulatory proposal that would require investment advisers to establish AML (anti-money laundering) programs and report suspicious activity," Freis told a Washington conference on money laundering on Tuesday. "We look forward to working with the SEC as well as the states as we move forward," he said.

FinCEN spokesman Bill Grassano later said he could not specify which entities or professionals -- such as hedge fund managers -- will be considered "investment advisers" for the purposes of the rule. He did say, however, that FinCEN expects to rely on SEC definitions to set a standard. A U.S. regulatory official told Thomson Reuters that the SEC has provided "technical advice" to FinCEN as part of its effort to develop AML rules for investment advisers.

There has long been speculation that FinCEN was waiting to see how Dodd-Frank requirements would be implemented for advisers before developing its own rules. It is expected that investment advisers will eventually have to enact AML programs and report suspicious activity to FinCEN, obligations broker-dealers have had for nearly a decade. In 2008, the Treasury agency withdrew rules that it had proposed in 2002 and 2003 for investment advisers, hedge fund managers and commodity trading advisers. Since then, many have wondered when new proposals would be issued. "This was one of FinCEN's goals in its yearly statement dated December 2010, so we were expecting them to put out something. It has just taken longer than expected," said Betty Santangelo, a partner with New York law firm Schulte Roth & Zabel.
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  -STOCK MARKET WATCH, Friday, November 25, 2011 Pale Blue Dot  Nov-25-11 05:44 AM   #0 
  - I hope everyone had a great holiday! No reports today. nt  Pale Blue Dot   Nov-25-11 05:45 AM   #1 
  - and the same to you -- ours was a wonderful feast. nt  xchrom   Nov-25-11 06:28 AM   #5 
  - We talked turkey  Demeter   Nov-25-11 06:51 AM   #15 
  - Lions lost. Dolphins lost. But the new Muppet Movie had us all laughing!  Roland99   Nov-25-11 12:07 PM   #87 
  - Oil hovers above $96 amid Europe debt worries  Pale Blue Dot   Nov-25-11 05:45 AM   #2 
  - U.S. Stock Futures Fall; S&P 500 Poised for Slump  Pale Blue Dot   Nov-25-11 05:47 AM   #3 
  - "A wafer-theen Mitt"  Hissyspit   Nov-25-11 06:02 AM   #4 
  - One of the Weirdest, Grossest Films I've Ever Seen  Demeter   Nov-25-11 06:52 AM   #16 
     - I once saw it (again) at a midnight movie. It was more entertaining for me  TalkingDog   Nov-25-11 01:03 PM   #88 
  - weird dupe. nt  xchrom   Nov-25-11 06:30 AM   #6 
  - europe: Italy forced to pay record interest rates at auction  xchrom   Nov-25-11 06:30 AM   #7 
  - Hungary's debt downgraded by Moody's to junk status  xchrom   Nov-25-11 06:31 AM   #8 
  - I'm sure it was a financial attack  Demeter   Nov-25-11 06:54 AM   # 
     - hungary is a pretty vibrant place.  xchrom   Nov-25-11 06:56 AM   #18 
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  - Amid crisis, Italy confronts a culture of tax evasion  Demeter   Nov-25-11 08:44 AM   #61 
     - now that's interesting.  xchrom   Nov-25-11 09:06 AM   #69 
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     - Chow is probably the family name  Demeter   Nov-25-11 07:19 AM   #24 
     - I just thought it was funny.  xchrom   Nov-25-11 07:29 AM   #26 
        - I didn't get the joke  Demeter   Nov-25-11 07:53 AM   #31 
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  - I wore a genuine cardigan over my T-shirt  Demeter   Nov-25-11 04:45 PM   #91 
  - GO CARDS!  Roland99   Nov-25-11 02:15 PM   #90 
  - Walmart Shoppers  boomerbust   Nov-25-11 06:58 AM   #20 
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  - As far as I can tell, they are ALL bad  Demeter   Nov-25-11 09:27 AM   #75 
  - The money quote:  mahatmakanejeeves   Nov-25-11 09:56 AM   #81 
  - More fuckers. n/t  Hotler   Nov-25-11 10:59 AM   #83 
  - U.S. developing anti-laundering rules for advisers  Demeter   Nov-25-11 09:25 AM   #74 
  - "The U.S. Treasury Department "  Hotler   Nov-25-11 11:06 AM   #84 
  - Have a good Friday, All!  Demeter   Nov-25-11 09:30 AM   #76 
  - Have a good Friday, All!  Demeter   Nov-25-11 09:30 AM   #77 
  - Markets close slightly down on the day (at daily lows, though)  Roland99   Nov-25-11 12:06 PM   #86 
 

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