FinCEN Finalizes 2028 Compliance Date for Adviser AML Programs

On December 31, 2025, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) finalized a two‑year delay of the effective date for the anti-money laundering/counter-financing of terrorism (AML/CFT) program and suspicious activity reporting (SAR) filing requirements applicable to certain investment advisers. FinCEN has pushed the compliance date from January 1, 2026, to January 1, 2028. 

Background

The 2024 adviser AML/CFT rule defined certain registered investment advisers and exempt reporting advisers as “financial institutions” under the Bank Secrecy Act, subjecting them to AML/CFT program requirements, SAR reporting, and related recordkeeping (Adviser AML Rule). For more information about the Adviser AML Rule, see our prior publication. 

Takeaways

• FinCEN noted that delaying the effective date will provide FinCEN with more time to review the Adviser AML Rule and ensure effective tailoring to the different business models of advisers.
• Many commenters on the Adviser AML Rule urged coordination with related but unfinished rulemakings (in particular, the proposed rule establishing customer identification program (CIP) rule requirements for investment advisers) and recommended aligning timelines.
• As a result, the Adviser AML Rule may still undergo refining by FinCEN. We expect coordination of the implementation timeline to coincide with the finalization of the proposed CIP rule applicable to investment advisers.