Bisys rolls out anti-money laundering service

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

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

Once in effect, the rules will

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