Mon, Nov 30, 2015
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Other Voices: Regulatory change causes increased demand for AML programs

Wednesday, February 27, 2013

This article was provided by HedgeOp Compliance, an IMS Group Company (both are now Cordium).

Anti-money laundering (AML) procedures, already in existence, were further enhanced by the US Patriot Act enacted by Congress in 2001 to amend the Bank Secrecy Act (BSA), initially adopted in 1970. The US Patriot Act requires financial institutions to establish AML programs to decrease terrorism funding and money laundering activities.

As the financial global market continues to expand, regulatory monitoring and reform also continues to grow. As a result of the regulatory changes following the Dodd-Frank Act, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), is now working on a proposed rule that would call for investment advisers to implement AML programs – much like other financial institutions are already required to do. FinCEN’s proposal, which should be made public in early 2013, will also require investment advisers, including hedge funds, to file Suspicious Activity Reports (SARs); these filings outline details of any suspected illegal activity and suspicious or unusually large transactions. The goal is for investment advisers to assist government agencies in preventing and detecting money laundering activities; these activities could potentially include insider trading and financial schemes.

Developing an AML Program ......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Other Voices: Hedge fund marketing and the selling cycle[more]

    By Bruce Frumerman. How long is the selling cycle now? That’s a question my financial communications and sales marketing consulting firm has been asked on a regular basis by hedge fund firm owners and sales people, ever since we opened the doors to our firm in 1987 pre-crash. Wa

  2. People - Solus Alternative Asset Management adds chief strategist from BTIG[more]

    From Daniel Greenhaus joined hedge fund manager Solus Alternative Asset Management as managing director and chief strategist. He will work closely with Chris Bondy, Solus’ chief economist, managing director and executive vice president, said Chris Pucillo, CEO and chief investmen

  3. Opalesque Roundtable: Seeding deal terms can be onerous for hedge funds[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Executives from fund of funds firms, family offices, a placement agent, a private equity firm, and an accounting firm gathered in Connecticut last month for the

  4. Opalesque Roundtable: Family offices flock to co-investment[more]

    Bailey McCann, Opalesque New York: Co-investments have been a hot topic for pension funds in recent years, as they try to move away from high fees and improve transparency. But now, family offices are more readily getting into the mix and establishing in-house deal teams, according to the delega

  5. More institutional investors invest in CTAs compared to last year despite dissatisfaction with performance[more]

    Benedicte Gravrand, Opalesque Geneva: "Despite a strong start to 2015 for CTAs in Q1, commodity market conditions have made return generation difficult for fund managers over much of the rest of the year to date," says Preqin’s November