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AML/CFT Legislation in Bermuda
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AML/CFT compliance in Bermuda

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The Financial Intelligence Agency (FIA)​ - bermuda

Bermuda’s AML/CFT Authorities

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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)​

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.

How to comply with AML/CTF regulations in Bermuda

The Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 establishes a series of duties for the obliged entities:

  • Duty of applying customer due diligence measures when the entity establishes a business relationship, carries out an occasional transaction, suspects money laundering or terrorist financing or doubts the veracity or adequacy of documents, data or information previously obtained for the purpose of identification or verification
  • Duty of ongoing monitoring of a business relationship, meaning:
  • Investigation of transactions undertaken throughout the course of the relationship to ensure that the transactions are consistent with the knowledge of the customer, their business and risk profile
  • Investigation into the background and purpose of all complex, unusually large transactions, or unusual patterns of transactions which have no apparent economic or lawful purpose
  • Keeping documents, data and information obtained for the purpose of customer due diligence measures up to date

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:

  • Ensure that the necessary compliance program procedures and controls required by the Regulations are in place; and
  • Coordinate and monitor the compliance program to ensure continuous compliance with the Regulations

What are my AML/CTF reporting obligations

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

How can MemberCheck Help?

Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.

Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.

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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.

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