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. 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 securities industry's chief regulator fined online trading firm E-Trade $1 million for failing to verify the identity of tens of thousands of customers, a key tenet of federal anti-money laundering regulations.
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.
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