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The U.S. Securities and Exchange Commission unveiled a proposal Monday that would require registered investment advisers, or RIAs, and exempt reporting advisers, or ERAs, to obtain names, birthdates and other details from their customers for anti-money laundering purposes.

RIAS and ERAs would have to use risk-based procedures for verifying the details they collect pursuant to the notice of proposed rulemaking, then exit the identification-and-verification process with a “reasonable belief that they know the true identity of their customers.”

The SEC developed the plan in coordination with the Financial Crimes Enforcement Network, which proposed in February to define “certain investment advisers” as financial institutions and thus subject them to anti-money laundering obligations.