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The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) has proposed a new rule that would require investment advisers in the U.S. to detect and report suspected money laundering to the government. The rule would apply to investment advisers registered with the U.S. Securities and Exchange Commission (SEC) and those exempt from registration but still required to report to the SEC. Investment advisers would need to implement anti-money laundering and counterterrorism financing compliance programs, file suspicious activity reports, and keep records. The proposed rule aims to address the uneven application of anti-money laundering controls in the investment sector and the use of investment advisers by bad actors. [Extracted from the article]