Financial Crime World

Title: EY’s Expert Solutions for Bermuda’s Anti-Money Laundering Regulations

Bermuda’s financial institutions are facing enhanced Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) regulatory requirements due to increased focus from the Caribbean Financial Action Task Force (CFATF). To help businesses adapt to these evolving regulations, EY, a global professional services firm, offers tailored solutions.

Key Considerations for AML/ATF in Bermuda

  1. Appointment of AML Compliance Officer: A compliance officer is mandatory to oversee AML and ATF risks, with natural persons approved by the Bermuda Monetary Authority (BMA).
  2. Identification and Disclosure of Beneficial Owners (BOs): Financially regulated entities must identify and disclose BOs at either a 25% or 10% ownership threshold.
  3. Risk-assessment of Countries: Develop a methodology for risk-assessing countries in your operational areas.
  4. Annual Assessments: All AML/ATF regulated financial institutions (RFIs) need to complete an independent annual assessment.
  5. Enhanced Due Diligence on PEPs: Politically Exposed Persons (PEPs) undergo enhanced due diligence, including source of funds and source of wealth identification.
  6. KYC from Eligible Introducers: List and manage customers and their BOs, monitor transactions.
  7. Sanctions Compliance: Adhere to EU, UK, and UN sanctions lists strictly.

EY’s Comprehensive AML/ATF Services

EY’s global expertise and innovative solutions help businesses navigate complex AML/ATF regulations in Bermuda. Their range of services include:

  • KYC Remediation: Streamline your customer due diligence process.
  • Alert Clearing and Backlogs: Manage alerts and backlogs effectively.
  • Quality Control Reviews: Ensure adherence to policies and standards.
  • Financial Crime Managed Services: Outsource AML/ATF operations.
  • Transaction Monitoring, Name-screening System Optimization: Enhance risk management systems.
  • Process Efficiency Review and Enhancement: Optimize internal processes.
  • Data Analytics and Financial Crime Intelligence: Leverage data for better risk assessment.
  • Program Reviews and Control: Evaluate and improve AML/ATF programs.
  • Sanctions Assessments and Compliance: Stay abreast of sanctions and compliance updates.
  • Investigation and Response: Respond to suspicious activities with expert assistance.

EY’s Bermuda-based AML/ATF Professionals

EY’s team in Bermuda, consisting of over 30 Certified Anti-Money Laundering Specialists (CAMS) professionals, has regional expertise and global credibility. Their strong relationships with local regulators offer efficient, scalable solutions while maintaining flexibility.

To learn more about how EY can help your organization comply with AML/ATF regulations in Bermuda:

With EY’s unrivaled expertise and robust capabilities, you’ll be well-equipped to address the unique challenges of Bermuda’s AML/ATF regulatory environment.