Bermuda: Money Laundering

The Bermuda Monetary Authority has introduced a new regulatory requirement mandating Police Clearance Certificates for Key Persons in AML/ATF regulated financial institutions, effective October 2026. This policy change extends beyond initial applications to encompass all subsequent personnel changes, fundamentally altering the vetting landscape for Bermuda's financial sector. Understanding these requirements and their implications is crucial for institutions seeking to maintain compliance with the island's

Bermuda's risk-based financial regulatory framework inevitably creates disagreements between regulated entities and the Bermuda Monetary Authority over compliance interpretations. This analysis explores why such conflicts arise in proportionate regulatory systems and presents a structured five-step approach for resolving regulatory disputes without resorting to costly litigation while maintaining professional relationships.

Bermuda's financial services sector faces a critical challenge as traditional compliance frameworks struggle to keep pace with the BMA's increasingly sophisticated, data-driven supervisory approach. Many firms have inadvertently created compliance systems so heavy and reactive that they impede business operations rather than effectively managing risk. The article examines how a shift toward precision-based, truly risk-sensitive compliance can transform regulatory burden into competitive advantage.

Regulatory compliance has seen developments at a global scale over recent years, with continued focus on tax evasion and anti-money laundering (AML)/anti-terrorist financing (ATF).

Transparency or privacy – which of these priorities prevails.

Carey Olsen, recently ranked in the FinTech sector by Chambers & Partners across each of its Bermuda, British Virgin Islands (BVI), Cayman Islands and Jersey offices (with a number of notable practitioners)...

The Bermuda Government and the financial services regulator, the Bermuda Monetary Authority (BMA), are committed to ensuring Bermuda's anti-money laundering and anti-terrorist financing ...

AML Officers' Appointment Deadline Fast Approaching

A recent amendment to charities legislation in Bermuda has enhanced the island's anti-money laundering and anti-terrorist financing (AML/ATF) protections.