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The FinCEN investment adviser rule moves to 2028, and program rules are being rewritten
FinCEN postponed its AML/CFT rule for investment advisers to 1 January 2028 and plans to revisit its scope. Separately, an April 2026 proposal would reset what an effective AML/CFT program means for banks and other financial institutions.
- FinCEN's investment adviser rule takes effect on 1 January 2028. A final rule published on 2 January 2026 moved it from 1 January 2026.
- FinCEN has said it intends to revisit the scope of the investment adviser rule before it takes effect.
- On 7 April 2026 FinCEN proposed a rule to reform AML/CFT program requirements for 11 types of financial institution. Comments closed on 9 June 2026.
- The program proposal does not amend the investment adviser rule. FinCEN proposes it take effect 12 months after a final rule is issued.
What it is
In August 2024 FinCEN issued a final rule adding certain investment advisers to the Bank Secrecy Act definition of "financial institution" (FinCEN fact sheet). Covered advisers would have to run a risk-based AML/CFT program, file suspicious activity reports, keep records under the Recordkeeping and Travel Rules, file currency transaction reports and take part in information sharing under sections 314(a) and 314(b) of the USA PATRIOT Act. FinCEN delegated examination to the SEC.
On 21 July 2025 Treasury announced it would postpone the rule and revisit its scope. FinCEN issued exemptive relief on 5 August 2025, proposed the delay on 22 September 2025 and issued the final postponement rule on 31 December 2025, effective date now 1 January 2028.
The second rule is broader. FinCEN's 7 April 2026 proposal would require an "effective" program: one that is established under the rule and then implemented in all material respects. It would make documented risk assessment processes an explicit requirement and focus enforcement for banks on significant or systemic failures. It fully supersedes FinCEN's July 2024 program proposal, which is withdrawn.
Who it applies to
The two rules cover different firms. The investment adviser rule, once it takes effect, covers:
- Investment advisers registered, or required to register, with the SEC.
- Exempt reporting advisers that report to the SEC, such as advisers only to venture capital funds.
- For advisers based outside the US, only advisory activity in the US or for US persons.
It excludes state-registered advisers, advisers registered with the SEC only as mid-sized advisers, multi-state advisers or pension consultants, SEC-registered advisers that report no assets under management, foreign private advisers and family offices. The April 2026 program proposal covers banks, casinos and card clubs, money services businesses, broker-dealers, mutual funds, insurance companies, futures commission merchants and introducing brokers, dealers in precious metals and jewels, operators of credit card systems, loan or finance companies and housing GSEs. Accountants, lawyers and most US financial planners are outside both.
What you have to do
Nothing in the investment adviser rule applies before 1 January 2028, and the program reform is still a proposal. This is what each would require.
- Assess and document your risks
Both rules are risk-based. The proposal would require risk assessment processes that evaluate your business, take in FinCEN's AML/CFT Priorities and are updated promptly when your risks change significantly.
- Write and implement the program
Internal policies, procedures and controls, an independent test, ongoing staff training, and a named person responsible for the program. Under the proposal that person must be in the US.
Program design - Know who you are dealing with
Programs must mitigate the risks you identify, and for certain institutions include ongoing customer due diligence. How you identify and check clients is set by your program and the other BSA rules that apply to you.
- Screen and keep watching clients
Information sharing under section 314(a) and suspicious activity monitoring both depend on knowing when a client or owner matches a list or a risk signal.
- File SARs and keep records
Investment advisers would file suspicious activity reports and currency transaction reports with FinCEN and keep records under the Recordkeeping and Travel Rules.
Filed with FinCEN
What firms get wrong
Two FinCEN program rules moved in the same year, and coverage often blends them.
It did not. FinCEN's final rule published 2 January 2026 moved the effective date to 1 January 2028, and exemptive relief covered the gap.
State-registered advisers, family offices and foreign private advisers are excluded, as are several narrower categories of SEC-registered adviser. FinCEN may narrow scope further before 2028.
The proposal says it does not amend the investment adviser rule. It covers 11 other types of financial institution.
What happens when
- Delayed
FinCEN issues the investment adviser AML/CFT final rule, compliance date 1 January 2026 Source
- Delayed
Treasury announces it will postpone the rule and revisit its scope Source
- Delayed
Final postponement rule published in the Federal Register (91 FR 36) Source
- Proposed
FinCEN proposes the AML/CFT program reform rule; Federal Register publication 10 April 2026 Source
- Proposed
Comments close on the program reform proposal Source
- Commencing
Investment adviser rule takes effect Source
- Not yet setProposed
Final program reform rule, then 12 months to take effect; and any revised scope for the investment adviser rule Source
Not yet confirmed. We will update this when the date is set.
Also on the regulatory timeline.
Related guides
Questions people ask
When does the FinCEN investment adviser rule take effect?
1 January 2028. FinCEN postponed it from 1 January 2026 by a final rule issued on 31 December 2025 and published on 2 January 2026.
Which investment advisers does it cover?
SEC-registered advisers and exempt reporting advisers, with exclusions for state-registered advisers, mid-sized and multi-state advisers, pension consultants, advisers reporting no assets under management, foreign private advisers and family offices.
Will the scope change before 2028?
FinCEN has said it intends to revisit the scope. As at 5 November 2026 we found no published proposal setting out a new scope.
What does the April 2026 AML/CFT program proposal change?
It would require an effective, risk-based program with documented risk assessment processes, and limit bank enforcement and significant supervisory actions to significant or systemic failures. It replaces FinCEN's July 2024 proposal.
Does this apply to accountants or lawyers?
No. Neither rule names accountants or lawyers. They meet FinCEN rules mainly through their clients, for example when a bank asks for beneficial ownership details. See what a beneficial owner is.
Primary sources
Checked 5 Nov 2026. We review this page every 90 days and when the rules change.
- FinCEN, FinCEN Issues Final Rule to Postpone Effective Date of Investment Adviser Rule to 2028 (31 Dec 2025)
- FinCEN, Treasury Announces Postponement and Reopening of Investment Adviser Rule (21 Jul 2025, updated 31 Dec 2025)
- FinCEN, Fact Sheet: Final Rule on the Investment Adviser Sector (28 Aug 2024)
- FinCEN, FinCEN Proposes Rule to Fundamentally Reform Financial Institution Programs (7 Apr 2026)
- Federal Register, Anti-Money Laundering and Countering the Financing of Terrorism Programs, proposed rule (10 Apr 2026)
Where StackGo fits
StackGo is compliance middleware. For a US adviser preparing for 2028, IdentityCheck covers the client-facing checks a program relies on. It does not write the program, run transaction monitoring or file with FinCEN.
- Onboarding forms, including multi-entity forms for funds and other structures, and risk assessment forms with scoring and enhanced due diligence steps.
- Biometric identity verification: a photo of a government ID document plus a live selfie with liveness, covering 12,500 document types from 230+ countries and territories.
- PEP, sanctions and adverse media screening, with ongoing monitoring of screened clients.
- It does not file SARs, CTRs or any other report with FinCEN.
- No transaction monitoring, and no 314(a) list processing.
- No legal advice on whether your firm is covered.
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