Bermuda

New Documents

BMA Highlights AML/CTF Regulatory Updates, Proposals

The Bermuda Monetary Authority released a bulletin highlighting regulatory and legislative updates undertaken from July to September 2021.

January 19, 2022

Bermuda Launches Consultation on Proposed AML/CTF Amendments

The National Anti-Money Laundering Committee of Bermuda issued proposed legislative amendments to the Proceeds of Crime Act 1997 and associated recommendations, and launched a consultation seeking feedback on the proposed changes.

December 28, 2021

Bermuda Government Identifies Low Risk of TF in 2020 NRA

April 13, 2021

Bermuda Highlights FATF Statements on High-Risk Money Laundering, Terrorist Financing Jurisdictions

April 12, 2021

Bermuda Financial Sanctions Implementation Unit Provides Information on Sanctions Post-Brexit

February 9, 2021

News

Weekly Roundup: OFAC Blacklists Putin’s Money Man, FinCEN Seeks Comment on No Action Letters, and More

EU designates Russia’s Eurobond settlement platform, FATF appoints new executive secretary, and more, in the weekly roundup.

June 3, 2022

Weekly Roundup: New York Top Regulator Resigns, Bermuda Fines Allianz, and More

Credit Suisse bolsters risk-management leadership, German inquiry into EY’s audits of Wirecard to remain sealed, and more, in the weekly roundup.

August 13, 2021

Midweek Roundup: Epstein’s Deutsche Bankers Named, New Jersey Orders Unity Bancorp To Bolster AML Controls, and More

July 15, 2020

Midweek Roundup: White House Eyes FCPA Overhaul, Consultants, Attorneys Helped Launder Billions of Dollars Plundered from Angola, and More

January 22, 2020

Midweek Roundup: Denmark Raids Nordea Bank, Nordic Lenders Choose AI Over AML Staff, and More

June 20, 2019

Enforcement Actions

Bermuda Monetary Authority Issues $500,000 Penalty Against Estera Services (Bermuda) Limited for AML/CTF Failures

The Bermuda Monetary Authority issued civil penalties totaling $500,000 against the Hamilton, Bermuda-based company for its failure to adequately comply with anti-money laundering and counterterrorist financing requirements.

June 19, 2019

Key Documents

Bermuda Issues Updated Proceeds of Crime Act

August 10, 2011

Bermuda Extends Anti-Terrorism Financing Measures

December 22, 2009

Bermuda Issues Updated Law on Supervision, Enforcement of AML/ATF Requirements

December 18, 2011

Bermuda's Minister of Justice Issues Counter Terrorist Financing Order

November 6, 2008

Important Facts

  • The U.S. State Department identifies Bermuda as a monitored jurisdiction. However, the British Overseas Territory is a major offshore financial center. Bermuda is not considered a major drug transit country. To the extent money laundering occurs, it is believed to be principally related to the domestic drug trade. Money laundering proceeds are mainly controlled by domestic gangs, which have proliferated in recent years. There is no significant black market for smuggled goods in Bermuda, and there is no known money laundering or terrorist financing activity through free trade zones or value transfer services. However, there have been cases where domestic criminals have utilized the formal financial sector for money laundering purposes. Bermuda does not permit offshore banks, shell companies, nor does it permit bearer shares. Sports betting is legal, but online betting and casinos are not permitted.
  • KYC Covered Entities: Banks, trustees, securities brokers and financial management firms, long-term insurance companies, money service businesses, insurance managers and brokers, fund administrators, investment fund operators, and independent legal advisers and accountants
  • STR Covered Entities:  All persons in the course of their trade, profession, business, or employment
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 13 (Jan. 1. – Nov. 17, 2015); Convictions: 7 (Jan. 1 – Nov. 17, 2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 28 High : 1
Largely Compliant : 11 Substantial : 6
Partially Compliant : 1 Moderate : 3
Non-Compliant : 0 Low : 1

BASEL i

Rank : 38/110
Score : 4.75/10

TRANSPARENCY INTERNATIONAL i

Rank : N/A
Score : N/A

Tax Justice Network i

Rank : 40/133
Score : 73/100