By notice dated 20 September 2016, and published on 22 September 2016, the Bermuda Monetary Authority has released new Guidance Notes for AML/ATF Regulated Financial Institutions on Anti-Money Laundering and Anti-Terrorist Financing 2016.
The Guidance Notes have been approved by the Minister of Legal Affairs, pursuant to section 49M of Bermuda’s Proceeds of Crime Act 1997, and made pursuant to section 5(2) of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008.
The Guidance Notes (200 pages in total) make for dry, but essential, reading, not only for compliance and reporting officers, but for all senior management in Bermuda.
As the Guidance Notes make clear, “Bermuda recognises that its regulatory system is part of the global fight against Money Laundering/Terrorist Financing and other financial crime. Bermuda also acknowledges the need for all jurisdictions to operate their regulatory regimes cooperatively and compatibly with one another; doing so promotes an internationally level playing field for legitimate transactions while narrowing opportunities for Money Laundering/Terrorist Financing without detection“.