The Bank of New York launches compliance and investor validation tool

The Bank of New York has launched a new compliance and investor validation module on its proprietary web-based platform which provides comprehensive accounting, administration and investor services for hedge fund managers.


John Buscema, head of alternative investment services and managing director of The Bank of New York, said: "This new module provides our clients and their investors with an unparalleled tool to monitor investor eligibility and qualifications in a rapidly changing regulatory and business environment. We have engineered our technology to offer fully automated reporting and a flexible architecture that ensures the ability to quickly modify key thresholds and enable fund managers to test their compliance status at any time."


The compliance and investor validation module is a tool designed to assist hedge fund managers in complying with regulatory requirements by providing over 50 business and regulatory compliance tests and validations relating to investor eligibility and qualification.


The module offers summary and detailed compliance testing and reporting to allow for the monitoring of key investor thresholds. In addition to anti-money laundering and "Know Your Customer" screening for investor subscriptions and redemptions, the module gives users the ability, on a real-time basis, to confirm that this activity adheres to regulatory guidelines.


The system covers not only US regulations (SEC, NASD, IRS, ERISA, CFTC), but also those of Bermuda, British Virgin Islands, Cayman Islands and Ireland.


Background Note: The Bank of New York provides services for hedge fund managers, including US and offshore administration, investor services, corporate secretarial and fund creation services. The Bank's proprietary technology provides unparalleled levels of service to investment advisors, as well as investors and their respective service providers, and can support all investment vehicles regardless of structure, domicile or investment strategy. Service is provided by The Bank of New York and affiliates in Bermuda, California, Cayman, Dublin, Jersey, London, Luxembourg and New York.


copyright hedgeweek 2003

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