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Treasury Softens Measures against Money Laundering

New Rules Target Advisers, Agents

Simplified AML Process Expected

The Treasury has eased anti-money laundering (AML) regulations for investment advisers and real estate agents.

The move aims to streamline the AML process and reduce compliance burdens, without compromising financial integrity.

Key Changes

• Exemption for advisers with less than $100 million in assets
• Risk-based approach for advisers with assets between $100 million and $1 billion
• Simplified due diligence requirements for real estate agents

Positive Impact

The changes are expected to benefit small and medium-sized investment advisers, who previously faced disproportionate compliance costs.

They also provide greater flexibility for real estate agents, allowing them to focus on client service.

Maintaining Financial Integrity

The Treasury emphasizes that the new rules maintain strong AML protections.

Firms are still required to implement risk-based AML programs, including:

• Customer due diligence
• Transaction monitoring
• Suspicious activity reporting

Conclusion

The Treasury's move reflects a balance between combating financial crime and promoting economic growth.

The streamlined AML rules will reduce compliance costs for affected firms while preserving the integrity of the financial system.

Sources

• Treasury Loosens Final Anti-Money-Laundering Rules for Investment Advisers, Real-Estate Agents
• Regulators Zero In on Adviser AML Compliance Programs

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