On July 21, 2025, the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) announced its intention to postpone^[1]the effective date of the rule extending the anti-money laundering/countering the financing of terrorism program and related requirements to SEC-registered investment advisers and exempt reporting advisers (“IA AML/CFT Rule”).^[2]FinCEN anticipates delaying the effective date of the IA AML/CFT Rule from Jan. 1, 2026, to Jan. 1, 2028, subject to working through the rulemaking process to effect such delay.

In its announcement, FinCEN recognized that postponing the effective date of the IA AML/CFT Rule may help ease compliance costs for the industry and reduce regulatory uncertainty. During the postponement, FinCEN intends to revisit the substance and scope of the IA AML/CFT Rule through a future rulemaking process. The announcement does not indicate whether or how the IA AML/CFT Rule requirements, including information sharing, special due diligence and recordkeeping, may change.  

FinCEN also stated that it will work with the SEC to revisit the joint proposed rule establishing customer identification program requirements for registered investment advisers and exempt reporting advisers.^[3]

We will continue to monitor for further updates from FinCEN, including future rulemakings. 

Authored by Melissa G.R. Goldstein, Betty Santangelo, Hannah Thibideau and Kyle B. Hendrix.

If you have any questions concerning this Alert, please contact your attorney at Schulte Roth & Zabel or one of the authors.

[1] US Department of the Treasury, “Treasury Announces Postponement and Reopening of Investment Adviser Rule” (July 21, 2025), available here.

[2] Final Rule, Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers, 89 Fed. Reg. 72156 (Sept. 4, 2024).

[3] Joint Notice of Proposed Rulemaking, Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers, 89 Fed. Reg. 44571 (May 21, 2024).

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