On July 23, 2015, the Office of Management and Budget (OMB) completed its review of a proposed regulation submitted to OMB by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury that, when finalized into a final regulation, would require investment advisers to adopt and implement anti-money laundering (AML) program and file suspicious activity reports (SARs). The clearance by the OMB means a proposed AML program/SAR regulation for investment advisers could be published by FinCEN as early as within the next several weeks. It remains unclear whether such publication would resuscitate the prior FinCEN proposals of over a decade ago which would have required unregistered investment companies and commodities trading advisers to adopt an AML program.