8.7.2008 The SEC has announced two new anti-money laundering compliance initiatives. First, the SEC created the “AML Source Tool for Mutual Funds,” which was originally developed for use by SEC examiners in the Office of Compliance Inspections and Examinations (OCIE). It provides links to key AML laws, rules and related guidance to help mutual funds maintain their AML compliance programs as required under law. The AML Source Tool for Mutual Funds puts all mutual fund AML requirements in one location, in an effort to make it easy for mutual funds to understand their AML compliance obligations in their ongoing efforts to prevent money laundering.
Second, the SEC created the “SEC SAR Alert Message Line” to centralize calls made to the SEC about suspicious activity report (“SAR”) filings. In 2001, the USA PATRIOT Act expanded the scope of the Bank Secrecy Act (“BSA”). As a result, broker-dealers and mutual funds became subject to regulations requiring them to file SARs. As provided in the SAR rules, in situations involving violations that require immediate attention, firms must immediately telephone an appropriate law enforcement authority in addition to filing a SAR.
Click http://www.sec.gov/news/press/2008/2008-170.htm to access a press release about the initiative.