Fri, May 6, 2016
A A A
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. Comment - Unmasking the men behind Zero Hedge, Wall Street's renegade blog[more]

    From Bloomberg.com: Colin Lokey, also known as "Tyler Durden," is breaking the first rule of Fight Club: You do not talk about Fight Club. He’s also breaking the second rule of Fight Club. (See the first rule.) After more than a year writing for the financial website Zero Hedge under the n

  2. Opalesque Exclusive: Hedge fund talent, fees take a hit at the Milken Global Conference[more]

    Bailey McCann, Opalesque New York: It's been a rough year for hedge funds and now, even other managers are panning them. "Frankly, I’m blown away by the lack of talent," was Point 72 CEO Steven Cohen's assessment of trying to find candidates to hire in the investment business at a panel o

  3. Hedge funds fell in April as alternative UCITS surge in Europe[more]

    Komfie Manalo, Opalesque Asia: Hedge funds shed more in April with the Lyxor Hedge Fund Index down 0.9% during the month (-2.8% YTD), but there was some good news with alternative UCITS showing strong inflows in Europe. In its Weekly Briefing, Lyxo

  4. Global hedge funds recover in April on resurging energy commodities[more]

    Komfie Manalo, Opalesque Asia: Global hedge funds recovered in April with the HFRX Global Hedge Fund Index gaining +0.41% last month (-1.47% YTD), while the HFRX Market Directional Index gained +5.31% during the same

  5. AIG lost $349m in hedge fund portfolio in Q1[more]

    Komfie Manalo, Opalesque Asia: Large US insurance group AIG lost a net $183m for the first quarter 2016, year-on-year. The group blames the loss on the impact of market volatility on investments, as well as net realised capital losses and restructuring costs. Its hedge fund portfolio made a n