The U.S. Treasury Department has extended a deadline on how long mutual funds have to record personal data for investigators on their clients who send or receive over $3,000.
The U.S. Securities Exchange Commission has released an online research guide to help mutual fund companies better detect money laundering on the heels of a similar reference tool crafted last year to aid broker-dealers.
To meet certain reporting requirements, banks serving as agents to insurance and mutual fund companies often must identify those firms' customers initiating the underlying transactions. That is no easy task, say compliance professionals.
Mutual funds are required to start reporting suspicious transaction starting October 31. What are the requirements and what are some suspicious activity indicators?
It will surprise many to learn that the 3,000 registered mutual funds in the U.S. hold $6.4 trillion. That is more than twice the $3 trillion of insured deposits at all commercial banks in the nation.
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