News

U.S. officials finalized a pair of long-anticipated rules Wednesday that will require investment advisers to adopt anti-money laundering programs and real estate professionals to identify the beneficial owners of trusts and legal entities buying residential properties entirely with cash. With investment advisers, the Treasury Department's Financial Crimes Enforcement Network narrowed down which types will fall under AML and suspicious-activity-reporting obligations from the bureau's initial proposal in February, which would have exempted only state-registered advisers, foreign private advisers and family offices from the requirements. The 310-page final version of the rule, which FinCEN published after reviewing feedback from financial services companies...