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Proposed Beneficial Owner Requirements Would Mean Compliance Challenges for PPIP Managers
By Brian Monroe
printA government watchdog's call for stronger anti-money laundering controls on a federal bank bailout program could result in a "significant step up" in compliance duties for companies involved, say consultants. The office of the Special Inspector General of the Troubled Asset Relief Program (SIGTARP) said in a congressional report Tuesday that the U.S. Treasury Department should make "explicit" its requirement that fund managers in the Public-Private Investment Program (PPIP) know the beneficial owners of companies investing in the initiative. The program, which offers government subsidies to prompt investors to buy up to $1 trillion in hard-to-value securities, has "fundamental vulnerabilities"...
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