Beware of money laundering — here’s how

Posted by on Oct 24, 2010 in Local News & Alerts | 0 comments

The Bermuda Monetary Authority has scheduled a series of awareness sessions on Bermuda’s Anti Money Laundering regulations targeting the island’s various financial industry sectors.

The seminars are designed to educate firms within the island’s financial services industry about their legal obligations under Bermuda’s new anti-money laundering / anti-terrorism financing (AML/ATF) laws, and assist them to ensure they are fully compliant.

Bermuda’s AML/ATF provisions were upgraded when a suite of legislation was passed by Parliament in 2008.

One of the laws within the suite of legislation, the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008, provided the Authority with powers to monitor financial firms’ compliance with the new regulations.

It also facilitates the Authority taking enforcement action in relation to firms that are non-compliant.

Thomas Galloway, Senior Counsel and Head of the Authority’s AML Compliance Unit said, “Monitoring firms’ compliance with the jurisdiction’s AML provisions is a key component of the Authority’s supervisory programme.

“In order to ensure that high standards are maintained in the Bermuda marketplace we are offering this series of information sessions to assist firms with being fully aware of and understanding their obligations under the new rules.”

The sessions will cover such items as: AML legislative changes; a brief explanation of the Authority’s supervisory programme; customer due diligence; and reliance on third parties.

In addition, there will be a question and answer period to address topics and questions submitted by participants.

The Authority will conduct three seminars, each targeting a particular sector of the financial industry.

The schedule is:

Tuesday, 26th October – Investment Funds / Fund Administrators

Tuesday, 23rd November– Trust service providers

Tuesday, 7th December – Investment businesses

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