GLOBAL - The Managed Funds Association (MFA) has released a preliminary guidance for hedge funds and hedge fund managers on developing anti money-laundering programs.
President Bush signed the USA PATRIOT Act into law on October 26, 2001. The Act states that, by April 24, 2002 each financial institution must establish an anti money-laundering program that includes at a minimum:
* the development of internal policies, procedures and controls;* the designation of a compliance officer;* an ongoing employee training program; and* an independent staff audit function to test programs.
John Gaine, president of the Association, said: MFA and its member firms have long been strong supporters of the industry’s anti-money laundering efforts, and the MFA-sponsored guidance is written to help its members implement or enhance anti money-laundering policies and procedures in a timely manner.
Gaine cautioned that anti money-laundering compliance would undergo great change as regulations implementing the USA PATRIOT Act are promulgated and as industry practice develops.
MFA members may obtain a complementary copy of the guidance by contacting MFA at [email protected] Non-members may visit the web site at www.mfainfo.org.
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