FinCEN Proposes Subjecting Funding Portals to BSA-AML Obligations
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Key takeaways
- On April 4, 2016 FinCEN proposed rules that would include crowdfunding portals in the definition of “broker or dealer in securities” and “broker-dealer” in FinCEN’s regulations implementing the Bank Secrecy Act (“BSA”).
- These proposed definitional changes would require crowdfunding portals to comply with the same anti-money laundering regulations as full-service broker-dealers.