Letter to Stakeholders on Trust Business (2016-08-17)

Summary

This is a short letter from the Bermuda Monetary Authority (BMA) to stakeholders following the consultation on its Sector Specific Guidance Notes for Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) Regulated Financial Institutions carrying out Trust Business (the Trust Business GN), which had been issued for consultation on 27 April 2016. It is purely informational, confirming that no comments were received on the Trust GN but that the BMA made conforming changes to align it with updates made to the general AML/ATF Guidance Notes.

• Purpose: Thanks stakeholders for reviewing the Trust Business GN and explains its relationship to the general AML/ATF Guidance Notes, which it applies to the trust sector specifically.
• Outcome of consultation: No stakeholder comments were received on the Trust Business GN itself.
• Changes made: The Authority updated the Trust Business GN to align it with changes made to the general AML/ATF Guidance Notes following separate stakeholder feedback.
• Rationale: States the BMA's aim of keeping Bermuda's AML/ATF regime aligned with international standards.

Applies to

AML/ATF regulated financial institutions carrying out trust business