After the recent publishing of the Panama Papers, Danique Sprock was interviewed by Chris Kentouris, for an article on FinOps Report. In which she explained the ramification of this for the Fund Admin world.
Here is a little excerpt from the article:
Headquartered in Curacao, fund administrator Atlas Fund Services says that it has adopted the AML and KYC policies and procedures recommended by the Financial Action Task Force, an intergovernmental body concerned with business and political threats to the financial system. “Our global KYC policy, which is fully enforced in our Curacao and Charlotte, North Carolina operations, entails full disclosure and identification of all ultimate beneficial owners of investors in the fund,” says Danique Sprock, group chief executive of the firm which services US$5 billion in assets for US and overseas hedge fund fund management firms. “Prior to taking on an investment manager as a new client we fully disclose our AML/KYC requirements and due diligence procedures to ensure the manager/general partner agrees to the degree to which Atlas will perform investor due diligence.”
All of the requirements at the time of a customer onboarding are fully listed in Atlas’s client funds offering documents. For individual investors those include copies of a passport and utility bills while for corporations and trusts they include certificates of incorporation and trust deeds. Investors who don’t provide the correct paperwork won’t be accepted. “US investors initially might not take kindly to the stricter approach, but they will eventually acquiesce when the fund manager informs the investor onboarding procedures are required by the fund administrator,” explains Sprock.