https://www.moneylaundering.com/news/fincen-shelves-investment-adviser-rule/

The U.S. Financial Crimes Enforcement Network disclosed plans Monday to push back the effective date of a rule that will require registered investment advisers to adopt anti-money laundering programs by two years, from Jan. 1, 2026, to Jan. 1, 2028.

During the delay, FinCEN will “revisit the substance” of the rule, which Congress mandated more than 22 years ago in the wake of Sept. 11, with the aim of further refining the requirements therein to more accurately reflect the “diverse business models and risk profiles” of the investment-adviser sector.

“Extending the effective date … may help ease potential compliance costs for industry and reduce regulatory uncertainty,” according to the bureau, which will also revisit a related proposal with the Securities and Exchange Commission to subject investment advisers to customer-identification-program requirements.

Officials announced the delay four months after defanging federal beneficial-ownership requirements aimed at tackling the use of legal entities in illicit finance by declaring their intention not to penalize parties who fail, or refuse, to abide by them.