Earlier this year, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed rulemaking that would subject investment advisers to anti-money laundering/countering the financing of terrorism (AML/CFT) programs and related reporting requirements, including suspicious activity reports. The proposal would apply to investment advisers registered with the US Securities and Exchange Commission, as well as exempt-reporting advisers. Although investment advisers are already familiar with AML/CFT requirements of US law and foreign jurisdictions, the proposal will represent a substantial undertaking for investment advisers in terms of establishing a compliant operating infrastructure.