On 25 August, the Financial Crimes Enforcement Network (FinCEN) issued a rule proposal to require certain investment advisers registered with the Securities and Exchange Commission (SEC) to establish and maintain anti-money laundering compliance programs and to file related reports with the government, including suspicious activity reports (SARs). This proposal, which is subject to public comment, would designate investment advisers as financial institutions under the Bank Secrecy Act and generally seeks to bring adviser anti-money laundering requirements into line with those of other financial institutions. The SEC would have authority to examine advisers for compliance with the new requirements.