Mutual fund industry will incur significant AML costs

ANTI-MONEY LAUNDERING

Washington, DC -- Future AML provisions of the USA Patriot Act could cost the US mutual fund industry $288 million once the rules take effect on October 1, according to a new TowerGroup report. In addition, the industry is likely to face recurring annual charges of roughly $140 million once their compliance systems are up and running.

The recent study by the US market research firm, What will USA Patriot Act CIP requirements cost mutual funds? Upwards of $13 per new relationship, ties these e

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