Alerts

Final Suspicious Activity Reporting Rule for Mutual Funds

May 30, 2006
SRZ Client Memorandum

On May 3, 2006, Treasury issued a Final Rule that requires mutual funds to report suspicious transactions to the Financial Crimes Enforcement Network ("FinCEN") as a means of detecting money laundering and terrorist financing.  Mutual funds are now subject to the same reporting requirements as broker-dealers and futures commission merchants ("FCMs").  The Rule applies to transactions occurring after October 31, 2006.