Temporary Delay In Anti-Money Laundering Requirements

Topics:
Commercial Litigation
Tags:
Akin Gump Strauss Hauer & Feld,
Retirement Plans,
Reprieve,
Regulations,
Mutual Funds,
Investment,
Human Resources,
Government,
Financing Startups,
Financial Services,
...
Source:
Akin Gump Strauss Hauer & Feld

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Overview: "The April 23 action grants a three-month reprieve for “mutual funds” and a six-month reprieve (until October 24) for all other “investment companies” as well as for commodity pool operators and commodity trading advisors. It is clear that the six-month delay applies to domestic hedge funds, private equity funds and venture capital funds. The paper make out the understanding that the 6-month delay was also intended to apply to unregulated offshore funds. However, due to an apparent drafting error, certain offshore funds have been inadvertently covered by the 3-month delay rather than the 6-month delay. These new regulations will expand the number of financial institutions required to have such a program, as required by the USA Patriot Act. "

(Is this item miscategorized? Does it need more tags? Let us know.)

Format: PDF | Size: 237KB | Date: Apr 2002 | Pages: 3

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