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Lawmakers Propose AML Controls for Hedge Funds
By Matt Squire
printSenate lawmakers introduced a bill Thursday that would require hedge funds to implement anti-money laundering controls and answer to the Securities and Exchange Commission. Sens. Charles Grassley, an Iowa Republican, and Carl Levin, a Michigan Democrat, introduced the bill to impose stricter regulatory oversight on a financial sector plagued by high-profile scandals. The lawmakers introduced separate, similar bills in 2007 that failed to progress in Congress. Under the new measure, hedge funds would be required to establish anti-money laundering (AML) controls, designate an AML compliance officer and report suspicious transactions to the U.S. Treasury Department. The department would work with...
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