On May 13, the U.S. Securities and Exchange Commission and the U.S. Department of the Treasury's Financial Crimes Enforcement Network released a joint notice of proposed rulemaking that would require federally registered investment advisers and exempt reporting advisers, collectively known as investment advisers, to establish, document and maintain written customer identification programs, or CIPs.

This latest NPRM is separate from but related to FinCEN's Feb. 13 proposed rule that aimed to subject investment advisers to the anti-money laundering and countering the financing of terrorism requirements of the Bank Secrecy Act, or BSA.

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