NEW YORK (HedgeWorld.com)–BISYS is launching a compliance program for its hedge fund clients wanting to make sure they are properly following provisions of the USA PATRIOT Act.
BISYS Hedge Fund Services teamed up with BISYS Fund Services and BISYS Regulatory Services to provide a full compliance program that includes identity verification procedures, suspicious activity monitoring and screens for high-risk investors listed on government watch lists.
In an announcement, BISYS officials said they would provide an anti-money laundering compliance officer for each hedge fund. The officer would assume all the communication and filing requirements with the U.S. Treasury Departments Financial Crimes Enforcement Network and the Office of Foreign Asset Control.
Tom Healy, president of BISYS Hedge Fund Services, said the new service has been very well received and BISYS expects to sign up clients ahead of the enactment of the PATRIOT Act. Officials are now in the process of having face-to-face meeting with clients about the new service.