On July 21, 2025, the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN) announced that it intends to postpone the effective date of the final rule requiring anti-money-laundering (AML) programs for certain investment advisers (the IA AML Rule). The rule, previously scheduled to take effect on January 1, 2026, will now be delayed until January 1, 2028.
Next Steps
According to FinCEN’s press release, the agency will issue formal exemptive relief to provide regulatory certainty and ensure that affected firms are not required to comply by the original 2026 deadline. This extension applies to both investment advisers (IAs) and exempt reporting advisers (ERAs) that fall within the scope of the IA AML Rule.
In addition, FinCEN noted that it plans to revisit both the substance and the scope of the IA AML Rule through a new rulemaking process. Separately, FinCEN — working jointly with the Securities and Exchange Commission — intends to reexamine the proposed Customer Identification Program (CIP) rule that would impose client verification requirements on investment advisers.
What This Means for Advisers
IAs and ERAs should take the following steps:
Sidley’s Investment Funds and Regulatory teams are closely tracking these developments. Please contact us if you have any questions or would like assistance in preparing for future AML or CIP requirements.
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