INTERNATIONAL: IOSCO Anti-Money Laundering Guidance for Collective Investment Schemes

Friday October 28 2005

IOSCO has today released its `Anti-Money Laundering Guidance for Collective Investment Schemes`. They have also published the `Public Comments Received on the IOSCO Technical Committee Report entitled Anti-Money Laundering Guidance for Collective Investment Schemes.`

The Guidance addresses:

• The difference between “open-end” CIS and “exchange-listed” CIS;

• The distinctions between a CIS, its advisors and managers, and the intermediaries involved in distributing the CIS, with regard to their respective roles in verifying identities of unit-holders in a CIS;

• Potential low-risk situations; and

• The outsourcing to other entities, and reliance on other financial institutions (including affiliates), with regard to the performance of certain anti-money laundering procedures.

These documents can be found at the above link.