The Biden administration is considering whether to extend AML/CFT obligations to investment advisers such as hedge funds and private-equity firms. The idea was first mooted under the Obama administration but was not brought into practice by President Trump. The US Treasury’s Financial Crimes Enforcement Network, (FinCEN), the national Financial Intelligence Unit (FIU), first published the proposed changes in September 2015. Under the preexisting (and still current) regulations, investment advisers are not defined as financial institutions for AML/CFT purposes, making them exempt from FinCEN’s jurisdiction.
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