This report provides a summary of important legislative and regulatory developments in Bermuda for the quarter ended 30 June 2022. For this quarter, our report focuses on developments that are relevant to the following sectors: Anti-Money Laundering (“AML”)/ Anti-Terrorist Financing (“ATF”) and Sanctions; Banking; Digital Assets; Employment and Immigration; Insurance; Investment Business; Investment Funds; Privacy; Telecoms/Utilities; and General Legal/Regulatory Reforms.
AML/ATF and Sanctions
The Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 require the Bermuda regulated sector and relevant persons to put in place policies and procedures in order to prevent activities related to money laundering and terrorist financing and to apply enhanced customer due diligence to high-risk jurisdictions. On 11 April 2022, the Ministry of Legal Affairs and Constitutional Reform issued the AML-ATF Advisory 1/2022 regarding the risks relating to deficiencies in AML/ATF systems and controls in the following high-risk countries:
- Democratic People’s republic of Korea*
- Iran*
The advisory also specified that appropriate actions should be taken to…
