Bermuda Enhances Anti-Money Laundering and Counter-Terrorism Financing Measures

Introduction

The Bermuda Monetary Authority has released new guidelines for financial institutions in Bermuda to combat money laundering and terrorist financing. These guidelines outline the expectations for regulated entities in terms of customer due diligence, risk assessment, and reporting requirements.

Key Highlights

• The Proceeds of Crime Act and Regulations require regulated entities to adhere to strict anti-money laundering (AML) and counter-terrorism financing (CTF) standards.
• The BMA has released General and Sector-specific AML/ATF Guidance Notes, approved by the Minister, outlining expectations for regulated entities.
• The Minister has emphasized the importance of enhanced due diligence measures for higher-risk jurisdictions through Ministerial Advisories.

Guidelines and Resources

Regulated financial institutions can access a range of resources, including:

General Guidance Notes

• General Guidance Notes for AML/ATF Regulated Entities (Revised)
• Sector-specific guidance notes for:
  • Trust business
  • Securities sector
  • Corporate service provider business
  • Money service business
  • Digital asset business
  • Long-term insurance business

Enforcement Guide

• Statement of Principles and Guidance on the Exercise of Enforcement Powers

Ministerial Advisories

The Minister has issued several advisories to provide updates on Money Laundering and Terrorist Financing controls in higher-risk jurisdictions. These advisories are available for download.

Compliance

By adhering to these guidelines, Bermuda’s financial institutions can ensure compliance with AML/CTF regulations and maintain the integrity of the island nation’s financial system.