Financial Crime World

Here is the rewritten article in markdown format:

KYC Customer Due Diligence in Bermuda: A Must-Know for Financial Institutions

In response to heightened anti-money laundering (AML) and anti-terrorist financing (ATF) regulations, financial institutions in Bermuda must adapt to stricter oversight, transparency, and reporting requirements. The recent mutual evaluation of the Bermuda Monetary Authority (BMA) by the Caribbean Financial Action Task Force (CFATF) has led to a greater focus on specific AML/ATF requirements.

EY Bermuda Ltd.’s Expert Guidance

To navigate these complex regulations, EY Bermuda Ltd. offers expert guidance to ensure compliance with BMA AML/ATF regulations. Our team of professionals is well-versed in local laws and regulations, as well as global best practices.

Bermuda AML/ATF Considerations

Key Requirements

  • Appoint an Anti-Money Laundering Compliance Officer, approved by the Bermuda Monetary Authority.
  • Identify and disclose beneficial owners (BOs) at either 25% or 10% threshold levels, depending on the regulated sector.
  • Develop an effective risk-assessment methodology to identify high-risk countries and apply enhanced due diligence measures.
  • Apply enhanced due diligence to all Politically Exposed Persons (PEPs), including identification of source of funds and source of wealth.

Know Your Customer (KYC)

Key Responsibilities

  • Maintain accurate records of customers and beneficial owners, obtained from eligible introducers.
  • Monitor and screen customers and beneficial owners to ensure compliance with AML/ATF regulations.

EU, UK, and UN Sanctions Lists

Important Note

Extension of the EU, UK, and UN sanctions lists applies to Bermuda per the UK requirement, mandating strict adherence to these lists by financial institutions.

EY’s Expert Support

At EY, we understand the importance of staying ahead of regulatory changes while maintaining compliance with AML/ATF regulations. Our experts can help you navigate these complex requirements, ensuring a smooth transition to the new regulatory landscape. Contact us today to learn more about our AML/ATF services and how we can support your financial institution’s compliance needs.

Let me know if this meets your expectations!