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

Summary

This notice from the Bermuda Monetary Authority opens a public consultation on a draft Annex III Sector-Specific Guidance Notes for the Securities Sector, which will supplement the Authority's general AML/ATF Guidance Notes. The sector-specific guidance is meant to tailor the general guidance to the risk profile of securities investment business and does not replace the main Guidance Notes.

• Purpose: Updates sector-specific AML/ATF guidance for the securities sector to reflect the revised FATF 40 Recommendations (2012) and legislative developments.
• Legal basis: Issued under section 5(2) of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008, which requires supervisory authorities to issue and update guidance.
• How to participate: Stakeholders can review the draft guidance on the BMA's discussions and consultation papers page and submit comments by email to amlresearch@bma.bm, with 'Securities Sector' in the subject line.

This is a consultation notice only; it does not itself impose new compliance obligations but signals forthcoming guidance for securities sector participants regulated for AML/ATF purposes.

Key obligations

• Stakeholders wishing to comment must submit responses to amlresearch@bma.bm including the words 'Securities Sector' in the email subject line before the consultation closes.

Applies to

securities investment business firms, AML/ATF regulated financial institutions in the securities sector

Deadlines

• 18 August 2021: End of the 30 day consultation period for comments on the Annex III Sector-Specific Guidance Notes for the Securities Sector.