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Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) Regulations in Bermuda

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The Bermuda Monetary Authority (BMA) has issued a comprehensive guide for AML/ATF regulations in Bermuda. This article outlines the key points from this text, including relevant legislation, international pressure, and guidance from organizations.

Key Points

Senior Management Engagement

• Senior management must be fully engaged in decision-making processes and take ownership of the risk-based approach to AML/ATF.
• They should ensure that policies and procedures are in place to prevent money laundering and terrorist financing.

International Pressure

• Governments have enacted legislation to criminalize money laundering and terrorist financing.
• International organizations like FATF have issued recommendations for minimum standards.

Regulatory Framework

• The BMA provides regulation and guidance to institutions in Bermuda, including:
  • Proceeds of Crime Act 1997
  • Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008
  • Others

Responsibilities

• No single body has overall responsibility for combating money laundering or terrorist financing.
• Responsibilities are set out in Appendix II.

BMA Objectives

• The BMA’s objectives include:
  • Monitoring AML/ATF regulated financial institutions to ensure compliance with Bermuda’s AML/ATF framework
  • Assisting with the detection and prevention of financial crime
  • Deterrent and disrupting criminal and terrorist activity

Guidance Documents

• Wolfsberg Group: The private sector Wolfsberg Group of banks has published guidance in relation to:
  • Private Banking
  • Correspondent Banking
  • Suppression of the Financing of Terrorism
  • Monitoring, Screening and Searching
• FATF Recommendations: FATF has issued Forty Recommendations on Money Laundering and Nine Special Recommendations on Terrorist Financing.