The Financial Crimes Enforcement Network (FinCEN) recently issued a notice of proposed rulemaking (Proposal) that would establish anti-money laundering/countering the financing of terrorism (AML/CFT) requirements for SEC-registered investment advisers (RIAs), exempt reporting advisers (ERAs) and certain non‑U.S. advisers. FinCEN also proposes to delegate its examination authority to the SEC, broadening the scope of information available to the SEC and the ever-growing list of issues that the regulator may choose to focus on in examinations of RIAs and ERAs. Although most fund managers have cursory AML/CFT programs, those likely pale in comparison to what the Proposal would mandate. This first article in a two-part series describes the requirements set forth in the Proposal and FinCEN’s justification for extending the scope to RIAs, ERAs and non‑U.S. advisers. The second article will identify elements of the Proposal that will be challenging for fund managers to satisfy, how it could impact future SEC examination efforts, which components are unlikely to be included in the final rules and tips for how managers can prepare. See “Thomson Reuters Survey Reveals Concerns About and Shortcomings With AML Compliance” (Nov. 16, 2017).