The Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 establishes different entities as supervisory authorities. These include:
1. The Bermuda Monetary Authority for AML/ATF regulated financial institutions, financial groups and insurers that carry on business in or from Bermuda
2. The Superintendent of Real Estate for real estate brokers and real estate agents
3. A designated professional body for the relevant persons regulated by it
4. The Registrar for dealers in high value goods
5. The Bermuda Gaming Commission for casino operators
The Financial Intelligence Agency (FIA) of Bermuda was established by the Financial Intelligence Agency Act 2007 to act as an independent agency authorised to receive, gather, store, analyse and disseminate information relating to suspected proceeds of crime and potential financing of terrorism received in the form of Suspicious Activity Reports.
3. Duty to keep records of the evidence found on the customers’ due diligence and of the evidence of transactions
4. Duty to establish internal reporting procedures, identifying a Reporting Officer, to which employees can report any information which comes to their attention and could give rise to a knowledge or suspicion that another person is engaged in money laundering or terrorist financing
5. Duty to maintain an independent audit function which must provide and document an independent and objective evaluation of the robustness of the AML/ATF framework, and the reliability, integrity and completeness of the design and effectiveness of the AML/ATF risk management function, including AML/ATF internal controls framework, and the AML/ATF compliance
6. Duty to train employees so they are made aware of the law relating to money laundering and terrorist financing and can recognise and deal with transactions which may be related to money laundering and terrorist financing
7. Duty to designate a Compliance Officer, that shall:
The entities must disclose a Suspicious Activity Report (SAR) to the Financial Intelligence Agency when the Reporting Officer knows or suspects or has reasonable grounds to suspect that a person is engaged in money laundering or terrorist financing.
More information: http://www.bermudalaws.bm/laws/Consolidated Laws/Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008.pdf
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* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.