SEC Surveys Wall Street on AML Rule Burden Costs
Published Date: 11/21/2025
Notice
Summary
The SEC wants to hear from broker-dealers and mutual funds about how much time and money they spend following anti-money laundering rules. They’re asking these groups to fill out a one-time survey that takes about eight hours to complete. This info will help the SEC figure out if the rules can be made simpler without hurting security, with comments open now before any changes happen.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
One-time AML/CFT Burden Survey
If you run a registered broker-dealer or a registered mutual fund, the SEC is asking you to voluntarily complete a one-time survey about Anti‑Money Laundering/Countering the Financing of Terrorism (AML/CFT) compliance. The staff estimates about 3,289 broker-dealers and 1,355 mutual funds could be asked to respond, each response will take about 8 hours, and the total burden if all reply would be 37,152 hours.
Responses Treated as Confidential
If you respond, the SEC says it will generally not publish individual survey responses and will not use them for examination or enforcement purposes, subject to the Freedom of Information Act (5 U.S.C. 552) and 17 CFR 200.80(b)(4)(iii). Individual replies will not be made publicly available according to the notice.
Data May Support Deregulatory Action
The SEC says the collected data may help assess the cumulative impact of BSA AML/CFT regulations and may inform efforts to adjust regulatory obligations or advance deregulatory proposals consistent with the executive orders of the Trump administration. The data may support development of deregulatory rulemakings or guidance intended to reduce compliance burden without compromising current AML/CFT frameworks.
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