Home      Login

Abstract: 

Two important rulings: In May, the Financial Crimes Enforcement Network issued final rules, 31 CRF 103.15, imposing a suspicious activity reporting requirement on mutual funds. Proposed rules for mutual funds had been issued in January 2003. 31 CFR 103.16, concerning SAR filing requirements for insurance companies, is amended to provide that an insurance company that issues variable products funded by separate accounts that meet the definition of a mutual fund are to file SARs pursuant to 31 CFR 103.15. The editors also examine special due diligence program requirements for foreign accounts, explained in guidance for securities and futures industries.

Keywords: 

Affiliations:  .