Regulatory Alerts2006-10-04
Added
Frequently Asked Questions Suspicious Activity Reporting Requirements for Mutual Funds
Mutual funds must file Suspicious Activity Reports (SAR-SF) on FinCEN Form 101 for transactions involving at least $5,000 that involve illegal funds, evade Bank Secrecy Act requirements, lack lawful purpose, or facilitate criminal activity. Reports must be filed within 30 days of initial detection, with a possible 30-day delay if no suspect is identified, and records must be retained for five years. The guidance permits joint filing by a single mutual fund or service provider for related transactions and allows disclosure to controlling investment advisers under strict confidentiality agreements.
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