Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Financial Crimes Enforcement Network relating to "Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers".

Block new money-laundering rules for advisers

If enacted, Congress would nullify a FinCEN rule for investment advisers. The cited rule (89 Fed. Reg. 72156, Sept. 4, 2024) would have required registered investment advisers and exempt reporting advisers to set up anti-money-laundering programs and file suspicious activity reports. This resolution would void that rule, so those firms would not need those new programs or reports. It would take effect upon enactment and would not replace the rule with an alternative. Other existing rules outside this specific rule would not change.