The Treasury's FinCEN proposes new regulations to subject investment advisers to anti-money laundering (AML) rules, requiring them to file Suspicious Activity Reports (SARs) and disclose client information. While the rules target SEC-registered advisers, they exempt state-registered ones for now. However, FinCEN plans to extend requirements for customer identification programs and beneficial ownership reporting in the near future. The move aims to close regulatory gaps exploited by criminals, including nation-state actors, who use investment advisers for illicit finance, as highlighted by cases involving China and Russia.
Nokia plans a €600 million share buyback following a 23% YoY decline in Q4 net sales and a...