SEC LAUNCHES AML SITE FOR MUTUAL FUNDS
The SEC has created the AML Source Tool for Mutual Funds, a web site containing a grouping of applicable anti-money laundering regulations and interpretations. The site contains applicable provisions of the Bank Secrecy Act, the PATRIOT Act, applicable compliance rules, information about customer identification programs, regulations governing foreign correspondent accounts, suspicious activity reporting, and OFAC. The Source Tool is a companion to last year’s AML Source Tool for Broker-Dealers (http://www.sec.gov/about/offices/ocie/amlsourcetool.htm). The SEC has also launched a centralized phone line for reporting significant Suspicious Activity Report filings.
OUR TAKE: The AML Source Tools are excellent reference sources for the compliance officers responsible for AML and CIP compliance. They assemble far flung resources and guidance into one easily accessible location.