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Abram Ellis Quoted in Private Funds CFO on FinCen Anti-Money Laundering Final Rule
09.05.24
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Litigation Partner Abram Ellis was quoted in a Private Funds CFO article titled, “New Anti-Money Laundering Rules Challenge Private Funds,” which discussed the finalization of FinCen’s rule to apply anti-money laundering/countering the financing of terrorism requirements and reporting obligations to private fund managers. Abram noted that regulators see the new anti-money laundering rule as the “latest brick in a wall they’re trying to create to insulate the private funds industry against money laundering.” When discussing how the requirements may impose burdens on the private equity industry that are disproportionate to the risk, he observed, “It’s clear that the government’s focus is to shift the burden of anti-money laundering from the banks to these alternative assets.”
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