SEC Wants Data on the Cost of AML/CFT Compliance

The SEC proposed to survey broker-dealers and mutual funds on the costs associated with Anti-Money Laundering and Countering the Financing of Terrorism compliance.

In its filing with the OMB, the Commission explained that the "Cost of AML/CFT Compliance Survey" seeks to gather data from "approximately 3,289 registered broker-dealers and 1,355 registered mutual funds" regarding their obligations under the Bank Secrecy Act. The collection of information is voluntary, and the SEC assured participants that individual responses would remain confidential and would not be used for examination or enforcement purposes.

The Commission stated that the data collected will help assess the "cumulative impact" of existing AML/CFT regulations. The SEC noted that the findings may inform efforts to adjust regulatory obligations and advance "deregulatory proposals consistent with the Executive Orders of the Trump administration," aiming to reduce compliance burdens without compromising the effectiveness of the current framework.

Comments on the proposed information collection request must be submitted on or before February 23, 2026.