Notice was published on 20 September 2016, that the Bermuda
Monetary Authority's (BMA) Guidance Notes on Anti-Money
Laundering and Anti-Terrorist Financing (AML/ATF) have been
approved by the Minister of Legal Affairs.
As such, the Guidance Notes are of critical importance to all
AML-/ATF-Regulated Financial Institutions for whom the BMA is the
supervisory authority under the Proceeds of Crime (Anti-Money
Laundering and Anti-Terrorist Financing Supervision and
Enforcement) Act 2008. (Whether an AML/ATF Regulated Financial
Institution has followed the Guidance Notes applicable to it
is a factor to be considered by the Bermuda Supreme Court in
determining whether an offence has been committed under the
Proceeds of Crime Act 1997.)
So far as the Bermuda insurance and reinsurance industry is
concerned, only insurers carrying on direct (i.e., not reinsurance)
long-term business, and insurance managers and insurance brokers
who mediate such business, are AML-/ATF-Regulated Financial
However, it is anticipated that amendments to the Proceeds of
Crime (Anti-Money Laundering and Anti-Terrorist Financing)
Regulations 2008 proposed by the Bermuda Monetary Authority as part
of its enhancement of the oversight of insurance mangers and
referred to in Getting Ready for the New Regulatory Regime, will be
enacted in due course as a result of which all insurance managers
(whether their clients carry on long-term or general business, and
whether they are insurers or reinsurers) will also be AML-/ATF-
Regulated Financial Institutions.
The Guidance Notes are the product of detailed industry
consultation and are available for download from the BMA's
In April 2016, the BMA consulted on a draft Annex II to the
Guidance Notes, providing supplemental 'Sector Specific
Guidance Notes' to relevant Long-Term insurers on the
application of the AML/ATF Guidance Notes to their business.
Feedback on the draft Sector Specific Guidance Notes was published
by the BMA in August 2016, some of it reflecting concern about the
effects of compliance on the industry. In its comments on the
feedback, the BMA indicated that it would consider certain
amendments. It is anticipated that the final form Sector Specific
Guidance Notes will be published soon.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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