Financial Crime World

Here is the rewritten article in markdown format:

Bermuda Revises Guidance Notes for AML/ATF Regulated Financial Institutions

Introduction

Hamilton, Bermuda - The Bermuda government has announced revisions to the Guidance Notes for Anti-Money Laundering/Anti-Terrorist Financing (AML/ATF) Regulated Financial Institutions, effective February 15, 2023. The revised guidance notes aim to enhance the implementation of AML/ATF regulations in Bermuda.

Key Changes

The updated guidance includes several key changes:

  • Who does the Guidance address?: The updated guidance now includes insurance marketplace providers and private trust companies.
  • Board Approval: Senior management must secure governing body (i.e., board) approval for policies, procedures, and controls relating to AML/ATF obligations.

Enhanced Compliance Requirements

The revised guidance notes include additional requirements for periodic compliance reporting, standard identification and verification requirements, and due diligence on service providers.

  • Periodic Compliance Reports: Actions and outcomes of quality assurance, independent audit, or internal audit reviews of AML/ATF processes are now included in the periodic report.
  • Standard Identification and Verification Requirements: Financial institutions can accept physical documents, electronic information, or a combination of both to verify details on natural persons.
  • Documentary Verification: The use of reliable, independent source documents, data, or information is recommended when verifying identities using documentary evidence.
  • Due Diligence on Service Providers: Financial institutions must consider factors such as the service provider’s ability to maintain confidentiality when carrying out due diligence.

Regulatory and Supervisory Responsibilities

Additional information has been added regarding the roles of the Bermuda Police Service, the Financial Intelligence Agency, and the Barristers and Accountants AML/ATF Board in regulating and supervising AML/ATF activities in Bermuda.

Impact

The revised guidance notes aim to strengthen Bermuda’s anti-money laundering and anti-terrorist financing framework, promoting a safer financial environment for institutions operating in the country.