The U.S. Treasury Department officially loosened restrictions on money sent to Cuba Thursday, lifting caps on dollar amounts remitted and expanding the number of individuals who can receive the funds.
The U.S. Treasury Department proposed Friday to scale back the anti-money laundering reporting duties for mutual funds by requiring that they use the same currency transaction reports as banks.
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.
The U.S. Financial Crimes Enforcement Network has issued guidance on the so-called travel rule which forms part of the funds transfer regulations it issued in 1996, which applies to all transmittals at or above $3,000.
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