Regulatory Alerts2010-04-14
Added
Amendment to the Bank Secrecy Act Regulations – Defining Mutual Funds as Financial Institutions
The Financial Crimes Enforcement Network amends 31 CFR Part 103 to include mutual funds within the general definition of financial institution, subjecting them to Currency Transaction Report requirements and the Recordkeeping and Travel Rule for fund transmittals. Mutual funds must file Currency Transaction Reports for currency transfers exceeding $10,000 and retain records for fund transmittals equal to or exceeding $3,000, with a compliance deadline of January 10, 2011. The rule also harmonizes the definition of mutual fund in the anti-money laundering program rule and clarifies that examination authority for Bank Secrecy Act compliance is delegated to the Securities and Exchange Commission rather than the Internal Revenue Service.
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