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Bermuda Penalizes Firm For AML, CTF Failings

by Mike Godfrey, Lowtax.net, Washington
01 March, 2017

Bermuda's financial services regulator, the Bermuda Monetary Authority, has imposed penalties totalling USD1.5m for breaches of the island's anti-money laundering and countering the financing of terrorism regulations.

The civil penalties were imposed for the company having inadequate policies and procedures, and for failures in relation to customer due diligence and ongoing monitoring of business relationships.

The Authority said it viewed the breaches as serious because of their extent and duration, and because they demonstrated systemic weaknesses in the company's internal anti-money laundering and countering the financing of terrorism controls.

In addition to fining the company, the Authority also imposed restrictions on its license, including prohibiting the firm from accepting or soliciting any new investment business.

The Authority has also required the firm to demonstrate on a regular basis that it is making significant progress to remediating existing files to the standards provided for by the island's statutes and regulations, to do so in conjunction with a suitably qualified third-party provider, and to complete the remediation plan within a period of 24 months.

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