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Amended AML Bill Targets Specific Services, Not Entire Professions

By Fred Williams

U.S. lawmakers dropped proposals to extend anti-money laundering rules to investment advisors, real estate agents, accountants, attorneys and other non-bank professions explicitly by name, and revised plans to have them follow the same set of requirements that govern financial institutions. While the original ENABLERS Act specified several "gatekeeper" professions to subject to AML rules by reclassifying them as financial institutions under the Bank Secrecy Act, an amended version pitched this month "pivots the focus from professions to services" and gives U.S. officials discretion to choose which gatekeepers to regulate and which reporting and due-diligence obligations will apply to each, on...

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