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FinCEN Amends Regulations Under Bank Secrecy Act Applicable to Mutual Funds

Revised rules replace Form 8300 filings with CTR filings, subject mutual funds to the Recordkeeping and Travel rule, define mutual funds as financial institutions, and clarify agency oversight responsibility with regard to mutual funds.

Overview and Compliance Date

The Financial Crimes Enforcement Network (FinCEN) has issued amendments to its rules (the Rules) implementing the Bank Secrecy Act (BSA) which impact the application of certain of these Rules to mutual funds. The rule amendments, which are described in further detail below, (1) streamline the BSA filing requirements applicable to mutual funds that receive greater than $10,000 in currency; (2) relieve mutual funds from requirements to report transactions involving certain negotiable instruments; and (3) subject mutual funds to requirements on the creation, retention, and transmittal of records or information for transmittals of funds.

Mutual funds must be in compliance with these new rules on May 14, 2010, with the exception that the compliance date for the Recordkeeping and Travel Rule amendments is January 10, 2011.


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