BREAKING: FinCEN Postpones Effective Date of Investment Adviser AML Rule

Earlier today, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced its intention to postpone the effective date of the final rule establishing Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers (the “IA AML Rule”).  

FinCEN stated that it anticipates delaying the effective date of the IA AML Rule from January 1, 2026 until January 1, 2028. FinCEN recognized that, among other things, extending the rule’s effective date may help ease potential compliance costs for the industry and reduce regulatory uncertainty while FinCEN undertakes a broader review of the IA AML Rule, as well as a review of the joint proposed rule establishing customer identification program requirements for investment advisers. 

Recognizing that working through the rulemaking process to formally delay the effective date might take some time, FinCEN intends to issue exemptive relief delaying the effective date, which should provide impacted investment advisers with more regulatory certainty about the delay until the more formal process is completed.