RIA AML Compliance

FinCEN’s Proposed RIA AML Rule

On August 25, 2015, the Financial Crimes Enforcement Network (“FinCEN”) proposed a new rule that will require SEC Registered Investment Advisors to establish and enforce an Anti-Money Laundering Compliance Program.

FinCEN is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.

The proposed FINCEN AML Rule would require all covered RIAs to:

  1. Develop and implement comprehensive written Anti-Money Laundering compliance programs
  2. Establish and enforce policies and procedures to detect and report suspicious activities to U.S. authorities (SARs)
  3. Comply with mandatory information-sharing requirements, including responding to law enforcement inquiries under the USA PATRIOT Act
  4. Comply with other Bank Secrecy Act (“BSA”) regulatory requirements generally applicable to financial institutions, including filing Currency Transaction Reports (“CTR”s), and keeping records relating to transmittal of funds

Thornton & Associates’ RIA AML Services
Thornton & Associates, LLC’s highly trained staff of former regulatory examiners are specialists in Anti-Money Laundering compliance. Our Anti-Money Laundering compliance solutions include:

  • Develop the Anti-Money Laundering Compliance Program
  • Update and Amend the Form ADV and Form U4s to identify the firm’s AML Compliance Officer
  • Conduct training for the firm’s staff regarding the new AML rules
  • Write customized Anti-Money Laundering Supervisory Procedures
  • Coordinate and implement an online AML continuing education program through the Thornton & Associates’ online continuing education portal
  • Conduct a thorough Independent Testing of the firm’s AML program
  • Conduct AML internal AML investigations
  • Draft and file Suspicious Activity Reports (“SARS”)
  • Draft the AML supervisory approval documents and compliance checklists for the AML program

New FinCEN AML Rule Resources
TAA Rule Summary PowerPoint
Comparison Chart Between Broker Dealer & FinCEN Proposed AML Rule Requirements
Federal Register – Proposed FinCEN AML Rule

Comment Letters
Comment Letter – Proposed AML Rules – ACG
Comment Letter – Proposed AML Rules – MFA
Comment Letter – Proposed AML Rules – PEGCC
Comment Letter – Proposed AML Rules – SIFMA