CHICAGO (HedgeWorld.com)–Anti-money laundering regulations and compliance surrounding the USA PATRIOT Act were the topics at the most recent meeting of the Chicago chapter of the 100 Women in Hedge Funds.
The group’s Nov. 14 roundtable, “Behind The Veil Of The USA PATRIOT Act,” featured the viewpoints of industry experts. The evening’s panelists were: Stephanie Pries, vice president and senior legal counsel, Managed Funds Association; Patricia Gillman, Schiff, Hardin & Waite; Karen Wuertz, senior vice president, National Futures Association; and Stephen Strombelline, Barclays Capital.
Ms. Gillman was the moderator for the panel. Ms. Pries opened the discussion by giving a brief overview of the PATRIOT Act and the proposed regulation from the U.S. Treasury Dept.
One of the big questions that remain at the MFA is who will ultimately have the authority to enforce the regulations, Ms. Pries said. By default the federal inspection authority would go to the Internal Revenue Service, but other agencies such as the Securities and Exchange Commission and the Commodity Futures Trading Commission may also be interested in compliance oversight.