Notice - BSCR AML and Suspicious Activities Reporting Requirement for 31 December 2018 Submission (2018-12-06)

Summary

This is a short notice from the Bermuda Monetary Authority clarifying which AML and Suspicious Activity Reporting schedules long-term insurers must complete as part of the Bermuda Solvency Capital Requirement (BSCR) submission for 31 December 2018.

• All long-term insurers: Must complete the Schedule of Suspicious Activity Reporting and Sanctions, indicated in the BSCR model as SAR and Sanc (All).
• Insurers writing in force direct long-term business: Must additionally complete the Schedule of Anti-Money Laundering and Anti-Terrorist Financing, indicated in the BSCR model as AML (LT Direct Only).

The notice directs any questions about the schedules or the BSCR return generally to the Authority's risk analytics team.

Key obligations

• All long-term insurers must complete the Schedule of Suspicious Activity Reporting and Sanctions (SAR and Sanc (All)) in the BSCR model for the 31 December 2018 submission.
• Insurers that write in force direct long-term business must complete the Schedule of Anti-Money Laundering and Anti-Terrorist Financing (AML (LT Direct Only)) in the BSCR model for the 31 December 2018 submission.

Applies to

long-term insurers, insurers writing in force direct long-term business

Deadlines

• 31 December 2018: BSCR submission for which the SAR and Sanctions and AML schedules must be completed.