Biden’s Taking Aim at Corruption. Are Your Policies and Practices Strong Enough?

In June, the Biden administration unveiled a National Security Study Memorandum calling for a broad-based government effort to eliminate corruption in the interest of national security. The details are not yet known, but initial recommendations would lead to increased regulatory oversight of Anti-Money Laundering (AML) practices and reporting of beneficial ownership by financial institutions, as well as increased enforcement of the Foreign Corrupt Practices Act (FCPA).

This practice note discusses AML matters relevant to U.S. private equity funds and their sponsors, and outlines voluntary and compulsory measures that typify best practices today. While the legal and regulatory framework applicable to the private equity industry is not settled (and there could be many changes to come), there are generally accepted standards that may help to mitigate legal risk as set out in this practice note.

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Related Content

• Anti-Money Laundering Regulation and Private Equity Funds
  Review this practice note that discusses the current AML and “know your customer” practices employed by banks and other financial intermediaries, and how those relate to the policies employed by registered investment advisers.

• Private Fund Compliance and the FCPA
  Read this practice note that discusses the changing regulatory climate for private funds and best practices for minimizing exposure under the FCPA.

• FCPA Exposure and Private Equity
  Consult this brief overview of the FCPA, a summary of key risks facing private equity entities and individuals, and a discussion of several proactive steps that can be taken by private equity firms.

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