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

Overview

The following section provides an overview of the anti-money laundering (AML) and anti-terrorist financing (ATF) regulations in Bermuda. This document is intended for regulated financial institutions (RFIs) in Bermuda, providing them with a comprehensive understanding of their obligations and requirements under AML/ATF laws and regulations.

Relevant Laws and Regulations

The following are the key laws and regulations related to AML/ATF in Bermuda:

  • Proceeds of Crime Act 1997
  • International Sanctions Act 2003
  • Anti-Terrorism (Financial and Other Measures) Act 2004

International Standards and Requirements

The AML/ATF framework in Bermuda has been revised to comply with international standards, including:

  • FATF Recommendations (as amended in June 2019)
  • United Nations Security Council resolution 1267 (1999) and its successor resolutions
  • Resolution 1373 (2001)

Guidance Notes

The following guidance notes are provided for AML/ATF regulated financial institutions:

  • Obligations of RFIs: This section outlines the obligations of RFIs under AML/ATF laws and regulations.
  • Sector-Specific Guidance: The following sector-specific guidance is available for different types of businesses:
    • Digital asset business
    • Money service business
    • Securities sector
    • Corporate service provider business
    • Trust business
    • Long-term insurance business

International Regulatory Pronouncements

Bermuda RFIs may find the following international regulatory pronouncements useful in maintaining their AML/ATF compliance standards:

  • International guidance on AML/ATF best practices
  • Regulatory updates and notices from international organizations

Extra-Territorial Matters

RFIs should be aware of sanctions and AML/ATF measures applicable to overseas correspondents or branches, as these can affect a RFI’s activities.

Regulatory Priorities

No single body in Bermuda has overall responsibility for combating money laundering (ML) or terrorist financing (TF). The division of responsibilities is outlined in Annex V.