MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, May 5, 2006 Mutual Funds To File Reports On Suspicious Transactions The Treasury Department is requiring mutual fund companies to file reports on suspicious transactions. Under the rule, which was published May 4 in the Federal Register, mutual fund companies must report transactions involving at least $5,000. The firms must start filing the reports 180 days after the rule's publication. The rule is in line with reporting requirements already issued by the government for banks, broker-dealers, casinos and money services businesses, the department said. "Suspicious activity reporting by mutual funds is expected to provide highly useful information to both law enforcement and regulators and will be an additional tool to protect the U.S. financial system from terrorism and other illicit finance," said Robert W. Werner, director of the department's Financial Crimes Enforcement Network, in a statement. Mutual funds are likewise encouraged to voluntarily report a suspected violation that involves less than $5,000. Since May 2003, mutual funds have been required to develop and implement anti-money laundering programs. Printed from: MFWire.com/story.asp?s=11760 Copyright 2006, InvestmentWires, Inc. All Rights Reserved |