FinCEN’s Proposed Anti-Money Laundering Regulations for Investment Advisers Explored
On August 25, 2015 the U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN) released a notice of proposed rulemaking that requires registered investment advisers, certain hedge funds and asset managers to develop and implement written AML programs; implement policies and procedures that will detect and report suspicious activities to U.S. authorities; and lastly to comply with the mandatory information-sharing requirements under the USA PATRIOT Act. A similar ruling was proposed in 2003 but was later withdrawn.
FinCEN stated that the goal behind the proposed rulemaking is to minimize if not eradicate the apparent risks associated with the use of investment advisers to facilitate money laundering activity due to the current lack of mandatory AML compliance and reporting obligations. Rationale
In a two-hour LIVE Webcast, a notable panel of thought leaders and professionals assembled by The Knowledge Group will provide the audience with a comprehensive overview of the most important aspects in FinCEN’s Proposed Anti-Money Laundering Regulations for Investment Advisers. The panel will also present their thoughts and opinions on how to best comply with the proposed regulations.
Key topics include:
- Regulatory Changes in AML Regulations
- Impacts and Implications to Registered Investment Advisers
- Scope and Limitation of the Proposed Regulation
- Requirements for AML Program
- Identifying and Reporting Suspicious Transactions
- Risks and Legal Challenges
- Opportunities and Threats for Investment Advisers
Robert J. Graves, Partner
Matthew J. Mueller, Of Counsel
Wiand Guerra King P.A.
Steven Gatti, Partner
William P. Barry, Partner
Richards Kibbe & Orbe LLP
Anti-money laundering compliance is front and center on today’s regulatory enforcement agenda. U.S. regulators have made clear that the ramifications of anti-money laundering compliance for counter-terrorism finance and kleptocracy make AML more than just a regulatory issue — it is a matter of national security. As such, it is not surprising that FinCEN has proposed AML regulations for investment advisers and that such regulations appear likely to come into force in the near future.
Our experienced panel of experts will provide an overview of the proposed regulations and the likely response of the the investment adviser community and the financial services industry, explore the AML risks investment advisers face, and discuss the practical effect of the proposed regulations on day to day adviser activity and relationships.
Overview of the Proposed Regulations and the Response of the Investment Adviser Community
We will discuss the history and development of the proposed regulations and their intended effect of perceived AML risk in the industry, including similarities and differences between the proposed rule and rules applicable to broker-dealers, banks and other financial service providers;
We will explore issues highlighted through the public comment process and discuss what challenges investment advisers will face in adapting to a BSA/PATRIOT Act regulatory regime, including AML program requirements and SAR procedures;
We will review of recent AML enforcement actions by the SEC, FINRA, FinCen, banking regulators and others that will affect financial services providers and discuss key takeaways from those actions;
Our experts will discuss what investment advisers can do today to prepare for the coming changes, including ways to improve KYC and CID programs, transfer and redemption diligence and relationships with both third party service providers in the AML space as well as custodial banks and other counter-parties.
Who Should Attend:
- Anti-Money Laundering Lawyers and Specialists
- Money Laundering Reporting Officers
- AML Compliance Officers
- AML Professionals
- Risk and Compliance Officers
- Fraud Monitoring
- Chief Financial Officers
- Financial Institutions
- Other related/interested Professionals and Organizations
Bob Graves represents lenders and borrowers in a wide variety of commercial financial transactions and has structured, negotiated, and documented scores of senior debt financing arrangements of all types, including secured and unsecured single bank and syndicated credit agreements, multicurrency financing facilities, and acquisition financings. A significant portion of his practice focuses on workouts and restructurings of troubled credits, with particular emphasis on debtor-in-possession and exit financings. He co-chairs Jones Day’s Banking & Finance Practice.
Most recently, Bob has been engaged in representing various market participants with respect to a variety of issues that arose from the 2008 financial crisis and the resulting and ongoing financial regulatory reform. He regularly advises clients on a broad spectrum of financing and financial regulatory issues and Uniform Commercial Code matters.
Bob Graves represents lenders and borrowers in a wide variety of commercial financial transactions and has structured, negotiated, and documented …
Steve Gatti is a partner in Clifford Chance's Financial Services Regulatory Group and head of the US securities regulation practice. Mr. Gatti’s practice concentrates on securities enforcement and counseling, with a focus on broker-dealer and investment management regulation, and issues unique to cross-border, multi-national financial services clients.
Mr. Gatti represents US and international financial institutions, including investment advisers, broker-dealers and banks, in regulatory, enforcement, and commercial matters. Mr. Gatti’s practice includes strategic counseling on financial markets and trading regulation, investment management compliance, broker-dealer regulation, trading systems, distribution and marketing issues, new products, transactions in the financial institutions sector, and Dodd-Frank. He also represents institutions and individuals in examinations, investigations, and enforcement matters before the US Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the US Commodity Futures Trading Commission (CFTC) and other self-regulatory organizations as well as state regulatory authorities. Mr. Gatti also has years of experience conducting internal investigations involving potential securities law violations and financial fraud, and in conducting internal compliance audits.
Steve Gatti is a partner in Clifford Chance's Financial Services Regulatory Group and head of the US securities regulation practice. …
William Barry is a partner and the co-chair of the Litigation Department at Richards Kibbe & Orbe LLP. He regularly advises clients on a broad range of issues involving securities enforcement, white collar and securities fraud litigation, as well as compliance with The Foreign Corrupt Practices Act, money laundering and insider trading requirements.
Mr. Barry guides clients through the complex issues involved in responding to inquiries from domestic and international regulators regarding issues of accounting fraud, foreign bribery and other financial crimes. He also represents clients responding to competing demands in parallel proceedings, such as internal reviews, government investigations and private civil actions.
Mr. Barry has been recognized in the area of White Collar Criminal Defense by The Legal 500 United States and has been designated as a Certified Anti-Money Laundering Specialist by ACAMS. He also serves as a member of the American Bar Association’s International Anti-Money Laundering Committee and International Anti-Corruption Committee.
William Barry is a partner and the co-chair of the Litigation Department at Richards Kibbe & Orbe LLP. He regularly …
Matt Mueller is Of Counsel in the Tampa office of Wiand Guerra King P.A. where he focuses his practice on the defense of white collar, tax, and regulatory matters. Prior to joining WGK, Matt was a federal prosecutor, first as a trial attorney with the Department of Justice, Tax Division in Washington, D.C. and later as an Assistant U.S. Attorney with the U.S. Attorney’s Office for the Middle District of Florida in Tampa. During his time with the Department of Justice, Matt handled a diverse array of complex financial investigations including cases involving criminal tax fraud and evasion, Bank Secrecy Act offenses, money laundering, financial institution fraud, health care fraud, and securities fraud.
Matt Mueller is Of Counsel in the Tampa office of Wiand Guerra King P.A. where he focuses his practice on …
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About Jones Day
Jones Day is a global law firm with more than 2,400 lawyers in 41 offices worldwide and ranks among the world’s largest and most geographically diverse law firms. The Firm acts as principal outside counsel to, or provides significant legal representation for, more than half of the Fortune 500 companies as well as major banks and other financial institutions throughout the United States and around the world.
Our Banking & Finance Practice numbers more than 200 lawyers located in many of the world’s most important financial and business centers. We understand the importance of knowing market terms, and our wide breadth of transaction experience and significant market presence equips us to efficiently assist clients with these issues. Our Banking & Finance Practice and individual finance lawyers are continuously recognized locally and nationally by Chambers Global, Chambers USA, and The Legal 500.
About Clifford Chance
Clifford Chance is one of the world's pre-eminent law firms, with significant depth and range of resources across five continents.
Clifford Chance's top-tier global asset management and funds practice advises on fund formation, licensing, tax, transactional and M&A, as well as on contentious and non-contentious regulatory matters. The Firm is recognized as the global market leader in working with alternative investment managers and investors to establish and operate the whole range of alternative investment funds, commingled vehicles and separately managed accounts.
The breadth of the Firm's experience means that Clifford Chance is particularly well-placed to advise fund managers and investors on appropriate and new fund terms and other hot topics in the industry, as well as advising on compliance issues, prudential and systemic concerns, and changing codes of conduct.
About Richards Kibbe & Orbe LLP
Richards Kibbe & Orbe LLP has long been a go-to firm in the fields of cross-border enforcement, government investigations and criminal defense. We have a proven record of navigating difficult regulatory and criminal issues, from high profile investigations, parallel criminal and regulatory proceedings to the latest hot-button international enforcement situations.
For 25 years, RK&O has helped clients facing potential scrutiny in multiple jurisdictions and confronting severe civil, criminal and reputational penalties. Our highly skilled team draws on the key attributes of the firm: our renowned white-collar practice, our proficiency in regulatory counseling, our ability to seamlessly manage parallel proceedings and our vast cross-border experience.
The RK&O team understands the enforcement perspective and can foresee future challenges lurking around the corner. We deeply understand the importance of international cooperation and the complications of regulatory exposure in multiple jurisdictions
About Wiand Guerra King P.A.
Wiand Guerra King P.A. is a nationally recognized law firm handling complex business litigation, regulatory matters, and white-collar defense. WGK provides representation throughout the United States in complex litigation and regulatory matters with a focus on the securities and financial services industries.
The lawyers at WGK have over two centuries of combined experience in regulatory proceedings, civil and white-collar criminal litigation, and arbitration. Our lawyers have been recognized for excellence by their peers in The Best Lawyers in America, Florida Super Lawyers, California Super Lawyers, and Florida Trend magazine’s Legal Elite. Our vision is to provide the highest quality representation on the most sophisticated and complex litigation and regulatory matters.