The Financial Crimes Enforcement Network is working on rules requiring independent advisers to implement formal anti-money-laundering programs, and a notice of proposed rule making could come out this year, an official says. "It is fair to say that we're addressing any potential money-laundering risk from investment advisers," said Steve Hudak, chief of public affairs. "As with any complicated rule making involving many stakeholders, the process can be unpredictable."

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