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FinCEN Proposal for Investment Advisers Clears OMB Hurdle

By Kira Zalan

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. The U.S. Office of Management and Budget (OMB) on Thursday concluded a review of the proposal submitted by the Financial Crimes Enforcement Network (FinCEN) in April, according to its Web site and a federal official with the General Services Administration, which administers the office's Web site. The review's conclusion kicks the draft rule back to the bureau, which is now free to publish the proposal at will, said the official, who did not want to...

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