Civil Penalties - Allianz Life Bermuda Ltd. (2021-08-12)

Summary

This is a press release from the Bermuda Monetary Authority announcing that it has imposed civil penalties of $1,700,000 on Allianz Life Bermuda Limited for significant regulatory breaches. The penalties were issued under Bermuda's anti-money laundering and insurance enforcement legislation, and the company has consented to the penalties.

• Legal basis: Sections 20 and 24A of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008, and section 32A of the Insurance Act 1978
• Breaches identified: Significant breaches of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 and the International Sanctions Regulations 2013, plus longstanding and persistent breaches of the Insurance Act 1978
• Penalty amount: Total civil penalties of $1,700,000 imposed on Allianz Life Bermuda Limited
• Company response: Allianz Life Bermuda Limited has consented to the imposition of these civil penalties

This notice is purely informational, documenting a completed enforcement action against a named licensee. It does not impose new ongoing obligations on other regulated entities, but serves as a public record of the BMA's enforcement approach to AML/CFT and insurance compliance failures.

Applies to

insurers, life insurance companies