17 August 2017
visit www.avoka.com

Bisys launches Patriot Act compliance service for hedge funds

21 July 2003  |  3305 views  |  0 Bisys launches Patriot Act compliance service for hedge funds

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."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comdownload the paper nowvisit www.dorsum.eu

Top topics

Most viewed Most shared
Coinbase raises $100mCoinbase raises $100m
10218 views comments | 14 tweets | 14 linkedin
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
9560 views comments | 13 tweets | 11 linkedin
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
9380 views comments | 8 tweets | 15 linkedin
HSBC automates documentary trade processing with IBMHSBC automates documentary trade processin...
8397 views comments | 6 tweets | 21 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
7878 views comments | 1 tweets | 2 linkedin

Featured job

Find your next job