Regulatory Alerts2002-04-29
Added
Anti-Money Laundering Programs for Mutual Funds
The interim final rule requires mutual funds to develop and implement anti-money laundering programs by July 24, 2002, or within 90 days of establishment, whichever is later. These programs must include internal policies, procedures, and controls; a designated compliance officer; ongoing employee training; and an independent audit function. The rule applies specifically to open-end companies registered under the Investment Company Act of 1940 and mandates board approval of the program.
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