US Treasury to extend anti-money laundering rules to mutual funds

MONEY LAUNDERING

WASHINGTON -- The US Department of the Treasury has proposed the requirement of mutual funds to report suspicious activities to the department’s Financial Crimes Enforcement Network (FinCEN). Similar rules currently apply to banks, securities brokers and other financial services firms, and are intended as safeguards against money laundering.

The latest proposal follows a regulation issued by the Treasury in April 2002 mandating that mutual funds set up an anti-money laundering programme in ac

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