Bisys rolls out hedge fund compliance service

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NEW YORK -- Bisys, a New York-based business process outsourcing provider for the financial services industry, is developing a service to help its US hedge fund clients comply with anti-money-laundering (AML) provisions in the US Patriot Act.

The AML rules, expected to be finalised later this year, will effectively extend the Bank Secrecy Act to hedge funds. The Act already requires registered financial institutions to keep records of clients’ transactions for possible use in law enforcement

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