WASHINGTON (10/30/15)--Comments on investing in bank notes and new anti-money laundering (AML) requirements for investment advisers are due in the month of November.
A U.S. Treasury Financial Crimes Enforcement Network (FinCEN) proposal would require certain investment advisers to establish minimum standards for AML programs and to report suspicious activity to FinCEN pursuant to the Bank Secrecy Act (BSA).
It would cover investment advisers that are registered or required to be registered with the U.S. Securities and Exchange Commission (SEC).
FinCEN is also proposing to include investment advisers in the general definition of “financial institution” in rules implementing the BSA, which would subject investment advisers to the BSA requirements generally applicable to financial institutions.
The proposal would also delegate FinCEN authority to examine investment advisers for compliance with these requirements to the SEC.
Comments are due Nov. 2.
The final comment deadline for November is the National Credit Union Administration’s proposal on bank notes. It would grant federal credit unions more flexibility in which bank notes they can purchase.
Currently, federal credit unions can invest in bank notes with “original weighted average maturities” of less than five years.
The NCUA’s proposal would eliminate the term “original,” allowing credit unions to purchase bank notes that had maturity terms of greater than five years, but still have a remaining maturity of fewer than five years.
Comments are due to CUNA by Nov. 19, and to the NCUA by Nov. 23.
In addition, comments are being accepted by the Consumer Financial Protection Bureau (CFPB), which is currently in the pre-survey stage of a request to the Office of Management and Budget. Once the survey has been developed, the CFPB will solicit input through a subsequent rulemaking.
Comments are due Nov. 3.