Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Financial Crimes Enforcement Network relating to "Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers".
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Bill details
Summary
Introduced in House
This joint resolution nullifies the final rule issued by the Financial Crimes Enforcement Network (FinCEN) titled Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers and published on September 4, 2024. The rule expands existing anti-money laundering and counterterror financing requirements (e.g., reporting suspicious financial activity to FinCEN) to include certain investment advisers.
District impact notes
This joint resolution seeks to nullify a rule from FinCEN that requires certain investment advisers to report suspicious financial activities. • The policy could impact local investment advisers by changing their compliance obligations regarding anti-money laundering and counterterrorism financing. • Local financial institutions may need to adjust their practices or policies if the rule is implemented or nullified, affecting their operations. • There may be questions about how effectively the oversight and compliance requirements can be enforced and what resources would be necessary for implementation. AI-generated from official bill summary and plain-English note; verify with official text.
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