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SEC and FinCEN Propose Customer Identification Program Requirements for Certain Investment Advisers  


Author:  Matthew Bisanz.; Adam Kanter.; Brad Resnikoff.; Dylan C. Platt.; Kelly Truesdale.


Source: Volume 57, Number 15, September 1 2024 , pp.155-159(5)




Review of Securities & Commodities Regulation

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Abstract: 

This May, the US Securities and Exchange Commission and the Financial Crimes Enforcement Network proposed a joint rule that would mandate SEC-registered investment advisers and exempt reporting advisers to adopt customer identification programs. This article explains the customer identification program requirements and their integration into the broader anti-money laundering compliance framework — highlighting the implications for investment advisers.

Keywords: Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers, 89 Fed. Reg. 44,571 (CIP)

Affiliations:  1: Mayer Brown LLP; 2: Mayer Brown; 3: Mayer Brown; 4: Mayer Brown; 5: Mayer Brown.

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