News & Analysis

An AML bill is proposed for investment advisers

Congress is weighing a bill that would require private funds, family offices, museums, finance counsel and a host of other 'gatekeepers' to come up with anti-money-laundering policies. 

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Private fund advisers have been mostly exempt from anti-money-laundering laws, but that may be about to change. Congress is weighing a bill that would require private funds, family offices, museums, finance counsel and a host of other “gatekeepers” to come up with AML policies. 

Similar bills have come and gone before – the “temporary” exemption that private funds rely upon now dates to 2002 – but compliance experts Private Funds CFO talked to say it’s just a matter of time before something like the proposed ENABLERS Act becomes law. 

Email prepared by Bill Myers