The Home voted 329-101 late Thursday in favor of H.R. 7900, the Nationwide Protection Authorization Act for Fiscal 12 months 2023, which features a provision to require funding advisors to undertake anti-money-laundering insurance policies.
The $939.3 billion FY 2023 NDAA contains the ENABLERS Act or the “Establishing New Authorities for Enterprise Laundering and Enabling Dangers to Safety Act,” which amends the definition of “monetary establishments” underneath the Financial institution Secrecy Act to incorporate U.S.-based intermediaries, together with funding advisors, in line with the Funding Adviser Affiliation in Washington.
“These provisions would require Treasury to undertake guidelines for the newly coated entities to report suspicious transactions, set up anti-money laundering (AML) and due diligence packages, and determine and confirm account holders,” IAA mentioned.
An AML rule for funding advisors has been on the long-term motion record of Treasury’s Monetary Crimes Enforcement Community, or FinCen, for a while.