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ICI Comments on Issues Raised by Proposed Anti-Money Laundering Rule
Washington, DC, May 30, 2002 - The Institute recently submitted a comment letter to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) regarding a proposed interim final rule that would prescribe minimum standards for anti-money laundering compliance programs established by mutual funds.
The Institute strongly supports efforts to combat potential money laundering activity in the investment company industry. However, the Institute recommends that FinCEN take further action on several raised issues in the proposed interim rule, including statements regarding omnibus accounts, anti-money laundering compliance officers, delegation of compliance functions, reports on Form 8300, and the compliance examination authority granted to the SEC by the interim rule.