FROM THE OFFICE OF PUBLIC AFFAIRS

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The Treasury Department, the Securities and Exchange Commission, and the Board of Governors of the Federal Reserve System today released a report to Congress under the USA PATRIOT Act containing recommendations for applying anti-money laundering controls to investment companies. 

The report provides a comprehensive discussion of the many types of investment companies, including both those registered with the SEC and those that are not, noting their characteristics and functions.  The report then identifies existing and recommended regulations for the various categories of investment companies, considering their potential vulnerabilities to money laundering. 

The PATRIOT Act directs Treasury to expand the U.S. anti-money laundering regime to a wide range of industries, including investment companies.  Treasury has already issued or proposed regulations applicable to mutual funds and certain unregistered investment companies, such as hedge funds.  Such regulations are noted in the report. 

Treasury expects to issue further regulations consistent with the report’s recommendations in the near future.

Related Documents:

• Cover Letters to Congress
• Report to Congress