Seemingly lost amid the fervor over the Securities and Exchange Commission's redemption fee rule, its recent guidance on soft dollars, and reports from chief compliance officers to mutual fund boards is yet another regulatory deadline that the money management industry must soon meet: anti-money laundering measures.

Not unlike its peers, anti-money laundering regulations have been met with some degree of trepidation. Most funds and advisors embrace the intent of the rule, which is to thwart terrorists and other criminals from laundering or making money for nefarious activities in U.S. capital markets, but some of its finer details have drawn concern.

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