Know your customer
By Jamie Wynn-Williams and David Walker
Practitioners in international financial centres have cast strong doubt over the standards of knowing your customer (KYC) imposed by the US on hedge funds and their clients, as against those required of onshore, typically Delaware-based vehicles.
The latest raft of KYC and anti-money laundering (AML) provisions were introduced in the US under the Patriot Act, a piece of legislation that stemmed largely from the events of 11 September 2001, and the suspicion that terrorist groups and other
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