The US Treasury Department is expected to propose a bundle of new anti money-laundering rules today including a requirement for hedge funds to register with the Treasury Department's Financial Crimes Enforcement Network if they have investments of more than $1 million in the US and have US clients or are organized or sponsored from the US. The proposal will also require funds to have money-laundering policies and controls, compliance officers, and internal training programmes.
As well as the crackdown on hedge funds, casinos will be required to report suspicious transactions for the first time, life-insurance companies will have to adopt money-laundering procedures and foreign banks will be forced to comply with US subpoenas through their US affiliates.
The Treasury Department's interest in hedge funds is separate from the ongoing enquiries being conducted by the Securities and Exchange Commission, which sent a questionnaire to a wide range of hedge funds and is expected to announce some form of compulsory reporting regime in the near future. Currently, hedge funds can register voluntarily with the SEC, and gain some marketing privileges as a result.
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