On May 13, 2024, the Securities and Exchange Commission (SEC) and the Financial Crimes Enforcement Network (FinCEN) issued a joint notice to apply customer identification program (CIP) obligations to certain investment advisers.

To know more: https://www.fcctimes.com/2024/05/13/new-rule-aims-to-strengthen-money-laundering-protections-for-investment-advisers/?utm_source=websiteText&utm_medium=FCCRegUpdate4June24

Under the Proposed Rule, RIAs and ERAs will be required to:

• • Identify and verify the identity of anyone seeking to open an account or invest in a fund managed by the RIA or ERA.
• • Maintain verification information, including name, address, date of birth (or date of entity formation), and identification number (e.g., social security number or employer identification number).
• • Check whether the person appears on any government-issued lists of known or suspected terrorists or terrorist organizations.