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A federal proposal to fill a multi-trillion dollar gap in U.S. anti-financial crime defenses would require thousands of investment advisers to drop clients whose identities they fail to obtain, including any legal entities whose beneficial owners or controllers remain hidden from them. If finalized, the 91-page proposal, which outlines customer-identification requirements similar to those already in force for banks and broker-dealers, would cover 20,460 investment advisers either registered with or reporting to the Securities and Exchange Commission, and that together manage a combined $114 trillion for individuals, hedge funds and other clients. "There may be circumstances when the investment adviser...