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Bermuda Takes Steps to Enhance Anti-Money Laundering Policies

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The Bermuda Monetary Authority has taken significant steps to strengthen its anti-money laundering (AML) and anti-terrorist financing (ATF) framework. The authority has issued guidelines to assist financial institutions in complying with international standards, ensuring that regulated entities adhere to AML/ATF regulations.

Issuance of General Guidance Notes

The authority has published General Guidance Notes for AML/ATF Regulated Entities, which provide clarity on the expectations of financial institutions in identifying, assessing, and mitigating money laundering risks. The guidelines outline sector-specific requirements for various types of businesses, including:

Trust companies
Securities firms
Corporate service providers
Digital asset operators

Statement of Principles

The authority has also issued a Statement of Principles outlining its approach to exercising enforcement powers under the Supervision Act. This document provides transparency on how the agency will prioritize and address AML/ATF compliance issues in regulated entities.

Periodic Advisories from the Minister

The Minister responsible for financial services issues periodic advisories to inform financial institutions about high-risk jurisdictions and advise on enhanced due diligence requirements. The latest advisory, AML-ATF Ministerial Advisory 2 2024, provides guidance on money laundering and terrorist financing controls in higher-risk countries.

Expert Views

Regulatory experts believe that the Bermuda Monetary Authority’s efforts will help strengthen the island’s AML/ATF framework and enhance its reputation as a financial hub. “By providing clear guidelines and transparency, the authority is demonstrating its commitment to ensuring that regulated entities meet international standards,” said one expert.

Ongoing Efforts

As part of its ongoing efforts to maintain a robust AML/ATF regime, the authority will continue to monitor regulated entities’ compliance with guidelines and regulations. Financial institutions are advised to review the updated guidance notes and ensure that they are meeting all necessary requirements to avoid any potential risks or consequences.

The move follows recent updates to the Proceeds of Crime Act and Regulations, which aim to improve Bermuda’s anti-money laundering regime. The island has made significant strides in enhancing its AML/ATF framework over the past few years, including implementing new requirements for financial institutions and increasing penalties for non-compliance.