The Americans for Financial Reform Education Fund submitted a comment to the Securities and Exchange Commission and the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) supporting the proposal to require the $125 trillion in Registered Investment Advisers (RIAs) and Exempt Reporting Advisers (mainly Venture Capital) to implement Customer Identification Programs to better understand who the beneficial owners of their funds are.

This follows AFREF’s comment to FinCEN in April supporting FinCEN’s proposal to require RIAs and ERAs to implement anti-money laundering and countering the financing of terrorism, in line with the same requirements that banks and mutual funds have been subject to already for decades.