Notice for consultation General Guidance AML/ATF (2021-07-14)

Summary

This is a consultation notice issued by the Bermuda Monetary Authority (BMA) inviting industry comment on a revised version of its Guidance Notes for Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) Regulated Financial Institutions. The review was undertaken to align the guidance with the FATF's revised 40 Recommendations (2012) and with statutory requirements under the Proceeds of Crime Act.

• Purpose: BMA is updating its AML/ATF Guidance Notes to reflect FATF's revised 40 Recommendations and changes to the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008.
• Consultation window: Stakeholders have 30 days to submit comments, with the consultation closing on 18 August 2021.
• How to respond: Comments must be emailed to amlresearch@bma.bm with 'General Guidance Notes' in the subject line.
• Where to find the draft: The draft revised Guidance Notes are available on BMA's discussions and consultation papers page.

This notice does not itself impose new binding requirements; it is a call for feedback on proposed updated guidance for AML/ATF regulated financial institutions.

Key obligations

• Stakeholders wishing to comment must submit responses to amlresearch@bma.bm by 18 August 2021, including 'General Guidance Notes' in the email subject line.

Applies to

AML/ATF regulated financial institutions

Deadlines

• 18 August 2021: End of the 30 day consultation period for comments on the revised AML/ATF Guidance Notes