Regulatory Alerts2009-06-05
Added
Amendment to the Bank Secrecy Act Regulations; Defining Mutual Funds as Financial Institutions
FinCEN proposes to include mutual funds within the regulatory definition of 'financial institution' under 31 CFR Part 103. This change would require mutual funds to file Currency Transaction Reports for currency transfers exceeding $10,000, replacing the current requirement to file Form 8300. Additionally, mutual funds would be subject to the 'Travel Rule' and related recordkeeping requirements for transmittals of funds equal to or exceeding $3,000, although they would remain eligible for specific exceptions regarding certain categories of financial institutions.
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