Such has been the scale of inflows that by the end of this year (if it continues) the total assets of mutual funds are likely to overtake those of banks, which have been the dominant financial intermediary for the past two centuries.

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Banks have long been the dominant financial intermediary, but Mr Hale predicts that the mutual-fund industry is growing so rapidly that its assets could exceed those of America's banking sector before the end of this year.

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Payments over that amount would have to be processed via a financial intermediary subject to the Anti-Money Laundering Act (AMLA).

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