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

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Regulatory Framework

The AML/ATF framework in Bermuda is built upon international standards, ensuring that the jurisdiction adheres to global best practices. Key regulatory bodies include:

Relevant Legislation

Financial Intelligence Agency Act 2007
Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008
Digital Asset Business Act 2018

Regulatory Priorities

Bermuda’s regulatory landscape for combating Money Laundering (ML) and Terrorist Financing (TF) is a collaborative effort among several key authorities. These bodies work together to ensure that financial institutions comply with AML/ATF regulations:

Responsible Authorities

Bermuda Monetary Authority (BMA)
Financial Intelligence Agency (FIA)
Superintendent of Real Estate
Barristers and Accountants AML/ATF Board

International Regulatory Pronouncements

Regulatory bodies around the world have issued guidelines to help combat ML and TF. Bermuda adheres to these international standards:

Key Guidelines

FATF Recommendations (as amended June 2019)
United Nations Security Council resolutions
Basel Committee on Banking Supervision guidelines
International Association of Insurance Supervisors (IAIS) guidance
Wolfsberg AML Principles

Extra-Territorial Matters

Financial institutions with international correspondent banking relationships must be aware of the jurisdictional requirements in place for those clearing institutions. It’s essential to stay up-to-date on the full range of AML/ATF requirements applicable to each country.

I hope this formatted article helps clarify the key points regarding AML and ATF regulations in Bermuda. If you have any specific questions or would like me to elaborate on any of these points, please don’t hesitate to ask!