NEW YORK, Sept. 26, 2011 /PRNewswire/ -- Gen II Fund Services, LLC, a leading independent private equity fund administrator, today announced the expansion of its service model into Anti Money Laundering (AML) regulatory compliance.
Private equity funds are not currently required by law to implement AML programs but market forces require them to address the issue. Investors want best practices from their fund managers and demand compliance with AML guidelines. To help firms avoid onerous cost burdens, Gen II will assist its private equity clients in developing and implementing an AML Program, including: Developing and implementing Internal Policies and Procedures necessary to comply with AML regulations; Investor Due Diligence; OFAC Sanctioned Party Monitoring and Reporting; and AML Compliance and Reporting.
"We feel that providing AML support services is a natural extension of our existing private equity fund administration services platform," said Gen II Managing Principal, Norman Leben. "The regulatory landscape for private equity sponsors is about to become more onerous and having a service partner that not only understands the private equity industry but is highly experienced in the new FINRA compliance rules will mitigate the risks and costs associated with AML compliance."
"One of the primary benefits of the Gen II private equity service model is to enable private equity fund sponsors to focus their resources on maximizing investment returns for their investors. The new regulatory environment in which private equity firms now operate, combined with increased transparency demands from investors, further increases the benefits of our outsourced service model," said Gen II Managing Principal Steven Millner.
About Gen II Fund Services
Gen II Fund Services is focused exclusively on providing superior fund administration services to private equity fund sponsors and investors around the world. The firm differentiates itself by its unique culture and experienced people who provide a comprehensive suite of fund administrative services and an unparalleled level of client service. For more information, please visit www.gen2fund.com.
Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC
SOURCE Gen ll Fund Services, LLC