The White House's budgetary office has approved a U.S. Treasury Department plan to require investment advisers to adopt anti-money laundering controls, including suspicious activity reporting.
Ahead of expected anti-money laundering regulations for investment advisers, some private equity firms may find themselves subject to such oversight for a reason few would have guessed: their fee structures.
The number of fines levied by the U.S. nongovernmental regulator of securities and brokerage firms more than doubled in the first five months of 2012 compared to the same period in 2011.
The U.S. Treasury Department's financial intelligence unit will reintroduce a plan to subject investment advisers to Bank Secrecy Act compliance duties three years after abandoning a similar proposal, an official said Tuesday.
Plans by the U.S. Treasury Department to revamp regulatory oversight of financial institutions will likely spur on efforts to impose anti-money laundering compliance requirements on hedge funds, say consultants.
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