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Anti-Money Laundering Rule for Advisors May Be Revived: SEC Roundup

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Welcome to SEC Roundup, a bimonthly video series by Paul Hastings partners and former Securities and Exchange Commission senior trial counsels Nick Morgan and Tom Zaccaro exploring current SEC topics with thought leaders and industry experts.

In this episode, Morgan and Zaccaro talk to Paul Hastings colleagues Laurel Rimon, former assistant deputy enforcement director at the Consumer Financial Protection Bureau, and Braddock Stevenson, former deputy associate director of enforcement at the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), about the likelihood that FinCEN will revive its anti-money laundering rule for advisors.

At a recent House Financial Services Committee hearing, FinCEN’s acting director, Himamauli Das, said that FinCEN is “exploring regulation of investment advisors, and in particular looking to apply the FinCEN special collection [anti-money laundering] authorities on the investment advisor – potentially private equity sector — in order to support any future rulemaking,” Stevenson said.

See the video above for the talk with Rimon and Stevenson.