WASHINGTON –If a federal rule under development becomes the law of the land, advisors will need to set up an anti-money laundering program, what for many will entail a major new compliance effort.

As the Treasury Department develops a rule that would require SEC-registered advisors to establish an AML program, a commission official offered some guidance for what those programs should look like, along with a warning that money laundering is not an issue the agency takes lightly.

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