Anti-Money Laundering Program
Cova Capital Partners, LLC’s Anti-Money Laundering Program
The Patriot Act (“The Act”) was a response by the United States Government to the attacks of terrorists on September 11, 2001. The objective of the Act is to help prevent the United States financial system and markets from being used to fund terrorism and other criminal activities by. Among other items, broker dealers of securities and financial institutions are required take certain measures and actions in furtherance of national efforts to detect suspicious transactions and money laundering activities by their clients. Money laundering is one or more steps taken to disguise or hide money illegally obtained or used in carrying out illegal activities to create the appearance that those monies were obtained or used, directly or indirectly, from law abiding persons, legal sources and legal activities. The use of money laundering is not confined to terrorists, but rather includes a broad array of criminal activity, including the sale of illegal weapons, drugs, racketeering, fraud etc.
In order to comply with the Act, the Firm has written supervisory procedures in place which includes a detailed Anti Money Laundering Plan (AML) which includes the designation of an Anti Money Laundering supervisor, procedures for the detection and reporting of suspicious activities including “Red Flags” which help identify potential AML issues as well as independent testing of these procedures on an annual basis (or as required by the regulatory bodies).
Cova Capital Partners, LLC
380 Lexington Avenue
New York, NY 10168