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What Will USA PATRIOT Act CIP Requirements Cost Mutual Funds? Upwards of $13 per New RelationshipPublished by: TowerGroup Published: Jul. 1, 2003 - 12 Pages Table of ContentsVision A History of the USA PATRIOT Act and US Mutual Funds Rule 326 and Mutual Funds: A High-Level Summary Issues and Unresolved Questions What Will It Cost? Costs of Creating a CIP Total Systems / Document Costs Costs of Information Collection and Verification Resolution of Discrepancies Record Retention for 5 or 11 Years A Look at the Total Costs Technology Implications AbstractThe USA PATRIOT Act adds costs to the process of servicing mutual fund accounts. TowerGroup estimates the additional costs incurred will result in total first year costs to the mutual fund industry of $288 million and ongoing annual expenses of $140 million per year.Get Full Details About This Report >> |
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