NOTICE-Guidance Notes for AML/ATF RFIs on AML/ATF (2016-02-01)

Summary

This notice announces that the Bermuda Monetary Authority has revised its Guidance Notes for Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF GN) for regulated financial institutions, to align with the FATF's 2012 revised 40 recommendations and with changes to Bermuda's AML/ATF Regulations that came into force on 1 January 2016. The Authority is opening a 30 day consultation on the revised Guidance Notes before they are finalised.

• Scope of revisions: Updated provisions on enhanced due diligence, risk assessment of threats and vulnerabilities, and identification of higher risk countries.
• PEPs: New guidance on risk rating of domestic Politically Exposed Persons.
• Compliance officer: Clearer definition of the role of the reporting and compliance officer, including a requirement to appoint the compliance officer from senior management.
• Independent audit: Requirement for institutions to produce an independent audit of their AML/ATF function at least annually.
• Legislative alignment: Guidance reflects the Proceeds of Crime Act 1997, related 1998 Regulations, and anti-terrorist sanctions legislation.

The Authority is inviting comments from all stakeholders on the revised Guidance Notes. This is a consultation notice rather than a final rule, so the obligations described relate to the consultation process itself; the substantive AML/ATF GN requirements will take effect once finalised.

Key obligations

• Stakeholders wishing to comment must submit responses to policy@bma.bm with 'AML/ATF Guidance Notes' in the email subject line by 1st March 2016.

Applies to

AML/ATF regulated financial institutions

Deadlines

• 1st March 2016: End of the 30 day consultation period for comments on the revised AML/ATF Guidance Notes