PFPC Offers Funds ID Rule Compliance Help

Ackermann, Matt
September 2003
American Banker;9/30/2003, Vol. 168 Issue 188, p9
Trade Publication
PFPC Inc., a unit of PNC Financial Services Group Inc. that supplies back-office services to financial services companies, started a service on Monday to help mutual fund clients comply with the USA Patriot Act. The law requires every mutual fund company to begin a customer identification program by Wednesday to verify the identities of new investors. Compliance with the law would be an enormous cost for an individual fund family. The Patriot Act requires that mutual funds adopt procedures designed to detect and prevent money laundering and terrorist financing.


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