Senate Banking Committee Ranking Member Elizabeth Warren, joined by Senator Andy Kim and House Financial Services Committee Ranking Member Maxine Waters, sent a letter to Treasury Secretary Scott Bessent questioning Treasury’s decision to postpone the compliance date for its 2024 anti-money laundering rule for investment advisers from 2026 to 2028 and to potentially reopen and weaken the rule. The lawmakers argue the rule was intended to close a gap in U.S. anti-money laundering and countering the financing of terrorism requirements for investment advisers and private funds and warn that delaying compliance increases national security and economic risks, citing Treasury estimates that some advisers may manage billions of dollars ultimately controlled by sanctioned entities. They also point to the sector’s growth to USD 144.6 trillion in assets under management in 2024, a 12% increase from 2023, and criticize other Administration actions they characterize as rollbacks of illicit finance protections. The letter requests responses by October 3, 2025 on which external parties influenced the decision to delay and revisit the rule, what steps Treasury will take to counter money laundering without the rule in place, and how Treasury plans to revisit the rule’s substance.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2025-09-19
U.S. Senate Committee on Banking, Housing and Urban Affairs minority challenges Treasury delay of investment adviser AML rule compliance from 2026 to 2028
Senate Banking Committee Ranking Member Elizabeth Warren, Senator Andy Kim, and House Financial Services Committee Ranking Member Maxine Waters questioned Treasury Secretary Scott Bessent's decision to delay the compliance date for the 2024 anti-money laundering rule for investment advisers from 2026 to 2028. They argue the delay increases national security and economic risks, citing the sector's growth to USD 144.6 trillion in assets under management and potential management of funds by sanctioned entities. The letter seeks clarification on external influences, Treasury's interim measures, and plans to revisit the rule's substance.