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Bermuda’s Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) Framework

Summary

The Bermuda Monetary Authority (BMA) has outlined a comprehensive framework for Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) in the island nation. This framework is based on international standards and requirements, including:

  • The Financial Action Task Force (FATF) Recommendations
  • United Nations Security Council resolutions 1267 (1999) and 1373 (2001)
  • Local laws and regulations, such as the Proceeds of Crime Act 1997 and the International Sanctions Act 2003

This framework applies to all financial institutions in Bermuda, including:

  • Banks
  • Insurance companies
  • Digital asset businesses
  • Money service businesses
  • Other regulated sectors

Key Points

Guidance Notes

The BMA provides guidance notes for AML/ATF Regulated Financial Institutions (RFIs), which include sector-specific guidelines for:

  • Digital Asset Business
  • Money Service Business
  • Securities Sector
  • Corporate Service Provider Business
  • Trust Business
  • Long-Term Insurance Business

International Regulatory Pronouncements

The document highlights international regulatory pronouncements that RFIs may find useful, including guidance from:

  • Basel Committee on Banking Supervision
  • International Association of Insurance Supervisors
  • International Bar Association
  • International Organisation of Securities Commissions
  • Wolfsberg AML Principles

Extra-Territorial Matters

RFIs with overseas correspondent banking relationships must be aware of the jurisdictional requirements applicable to those clearing institutions and monitor whether they stay abreast of the full range of AML/ATF requirements in place and potential modifications.

Conclusion

The Bermuda AML/ATF framework is a comprehensive set of guidelines that ensures compliance with international standards and local laws. Financial institutions in Bermuda must adhere to these regulations to prevent money laundering and terrorist financing activities.