Bermuda’s AML Regulations Evolve: A New Framework for Compliance

Historical Context

• January 30, 1998: Proceeds of Crime (Money Laundering) Regulations 1998 came into force.
• AML framework for local financial institutions: banks, trust companies, insurance entities, and collective investment schemes.

Transformative Changes

• January 1, 2009: Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 took effect.
• New obligations for customer due diligence, record keeping, systems, and staff training.
• Reporting procedures and appointed reporting officers.

Regulatory Assistance and Guidance

• Bermuda Monetary Authority (BMA): Issued Guidance Notes for AML/ATF regulated financial institutions.
• BMA’s Statement of Principles for exercising their powers granted by the Supervision Act.

Access to Guidance Materials

Both the BMA’s Guidance Notes and Statement of Principles are available for easy access:

• Regulatory Legislative Documents: Policy and Guidance > AML/ATF

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