Bisys launches Patriot Act compliance service for hedge funds
21 July 2003 | 3305 views | 0
New York BPO company Bisys has launched a service designed to help hedge funds comply with the anti-money laundering regulations established by the USA Patriot Act.
The compliance programme was developed by Bisys' funds, hedge fund and regulatory services divisions and provides hudge fund managers with the measurers necessary to establish identity verification procedures, more effectively monitor suspicious activity and screen for investors listed on government watch lists.
As part of the programme, Bisys will provide an anti-money laundering compliance officer for each hedge fund who will be responsible for all communication with the US Treasury Department's Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Asset Control.
Bisys says the new regulatory requirements, which were proposed by the FinCEN in September 2002, will expand the application of the Bank Secrecy Act to include a wide range of unregistered investment companies, including most US domestic and offshore hedge funds and fund of funds.
Bill Tomko, president of Bisys Investment Services, says: "Combining Bisys' hedge fund, legal and technical compliance expertise enabled us to develop a comprehensive compliance programme that meets the requirements of the proposed anti-money laundering rules.
"We can seamlessly integrate these services into our clients' day-to-day operations and compliance programmes with minimal interruption to their routine business activities."