RegAlert2006-10-04
Added · Updated
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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FIN-2006-G013
Issued Date
Guidance Subject
Frequently Asked Questions Suspicious Activity Reporting Requirements for Mutual Funds
The Financial Crimes Enforcement Network is issuing these frequently asked questions to clarify the suspicious activity reporting obligations of investment companies pursuant to the applicable Bank Secrecy Act regulation located at 31 C.F.R. § 103.15 (“Reports by mutual funds of suspicious transactions”).
This regulation is applicable to investment companies (as defined in section 3 of the Investment Company Act of 1940 (the “1940 Act”)) that are open-end investment companies (as defined in section 5 of the 1940 Act) and that are registered, or required to register, with the U.S. Securities and Exchange Commission (SEC). For purposes of this regulation, these investment companies are referred to as “mutual funds.” These frequently asked questions are being issued following consultation with the staff of the SEC.
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Source: Financial Crimes Enforcement Network — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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FINCEN published 7 documents in the last 30 days. We email you each new one the day it's published.