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WASHINGTON (CN) – Mutual funds soon may be able to reduce their paperwork and provide greater privacy to customers, as the Financial Crimes Enforcement Network plans to include mutual funds within the general definition of “financial institution” under the Bank Secrecy Act. Mutual funds currently must disclose to the government any transaction over $10,000 through cash or negotiable instruments, such as bearer bonds and money orders, where other depository insititutions only have to disclose cash transactions over $10,000.
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