News

The uneven application of rules against illicit finance to the securities market has left the U.S. vulnerable not only to money launderers and sanctions evaders, but also to foreign adversaries such as Russia and China, the Treasury Department warned in a risk assessment. More than 15,000 registered investment advisers, or RIAs, now operate in the U.S. and together control around $125 trillion, at least some of which traces back to blacklisted Russian oligarchs, transnational crime and corruption, or attempts by China and other nations to gain control over critical infrastructure, resources and emerging technologies, including artificial intelligence. Advisers must have...