FinCEN issues final rule requiring mutual funds to report suspicious activity.(BANK REGULATION/THRIFT REGULATION)

Publication: Banking & Financial Services Policy Report

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COPYRIGHT 2006 Aspen Publishers, Inc.

Under a final rule announced on May 3 by the Financial Crimes Enforcement Network (FinCEN), mutual funds are required to file Suspicious Activity Reports (SARs) on suspicious transactions. Mutual funds must start filing SAPs 180 days after the date of the publication of the final rule in the Federal Register. The final rule was published in the Federal Register on May 4, 2006.

The final rule creates a suspicious transaction reporting requirement that is uniform...

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