other · Treasury · Rule · Published 2003-05-09 · Effective 2003-06-09 · 68 FR 25131
Document
Document number
03-11018
Federal Register citation
68 FR 25131
CFR reference
17 CFR 270
Type
Rule
Action
Joint final rule.
Category
other
Sub-agency
Treasury
Publication date
2003-05-09
Effective date
2003-06-09
Treasury docket
Release No. IC-26031
Abstract
The Department of the Treasury, through the Financial Crimes Enforcement Network (FinCEN), and the Securities and Exchange Commission are jointly adopting a final rule to implement section 326 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 (the Act). Section 326 requires the Secretary of the Treasury (the Secretary or Treasury) to jointly prescribe with the Securities and Exchange Commission (the Commission or SEC) a regulation that, at a minimum, requires investment companies to implement procedures to verify the identity of any person seeking to open an account, to the extent reasonable and practicable; to maintain records of the information used to verify the person's identity; and to determine whether the person appears on any lists of known or suspected terrorists or terrorist organizations provided to investment companies by any government agency. This final regulation applies to investment companies that are mutual funds.