US: Treasury proposes new AML rule
The USA is plugging more holes in its anti money laundering reporting system, according to a new Treasury proposal.
The US Treasury has issued a proposed new rule for suspicious activity reporting for mutual funds, plugging another of the holes in the Swiss cheese that is US counter-money laundering regime. The proposal will put mutual funds onto a footing similar to that applicable to banks and brokerage firms.
In April 2002, the Treasury required mutual funds to put in place counter-money laundering procedures.
The proposed rules are subject to consultation. They are in line with the comments in the Report submitted to the Senate by the Fed, the Treasury and the SEC on 31 December 2002 (see USA PATRIOT Act: Report to Congress on application to investment companies. (World Money Laundering Report: Online 2 January 2003.
Download PDF version of this page