Financial Crime World

Bermuda Banks Must Comply with Stricter Regulations to Prevent Financial Crime

============================================================

To combat financial crime and maintain the integrity of its banking system, Bermuda Commercial Bank Limited has implemented stringent policies to prevent involvement in money-laundering, terrorist financing, sanctions breaches, and bribery and corruption.

Zero Tolerance for Bribery and Corruption

According to industry sources, the bank has a zero-tolerance policy towards bribery or corruption, which is defined as giving, offering, or receiving an improper benefit with the intention of influencing someone’s behavior to gain a commercial advantage. Corruption is also strictly prohibited, being the abuse of public or private office to obtain an undue advantage.

Expectations from Customers and Partners

The bank expects its customers, business partners, and third-party providers to adhere to the same high standards, and will not tolerate any instances of bribery or corruption.

Sanctions Compliance Requirements

In addition to its anti-bribery and corruption stance, Bermuda Commercial Bank has also implemented strict sanctions compliance requirements. The bank will not:

  • Facilitate transactions with entities from countries subject to international sanctions
  • Provide access to its products for entities from sanctioned countries
  • Engage in business relationships with entities from sanctioned countries

The list of sanctioned countries includes:

• Afghanistan • Belarus • Cuba • Iran • Myanmar (Burma) • North Korea • Sudan • Syria • Russia (specifically, Russian individuals and entities subject to US sanctions) • Ukraine • Palestine (Gaza Strip) • Venezuela

Commitment to Compliance and Trustworthiness

These measures demonstrate the bank’s commitment to adhering to the highest standards of compliance and its dedication to maintaining a secure and trustworthy financial system in Bermuda. By implementing these stringent policies, the bank is ensuring that it remains a reputable and reliable institution, committed to preventing financial crime and upholding the integrity of its banking system.