Public Censure - Blue Nile Services Limited (2020-09-21)

Summary

This is a press release in which the Bermuda Monetary Authority (BMA) publicly censures Blue Nile Services Limited, a money service business provider, for multiple breaches of anti-money laundering, anti-terrorist financing, and sanctions regulations. The censure was issued under Section 20E of the Bermuda Monetary Authority Act, following an onsite review conducted in October 2019.

• POCA breaches: Seven areas of non-compliance with the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008, including customer due diligence, ongoing monitoring, enhanced due diligence, outsourcing, training, compliance officer training, and systems.
• Sanctions breach: Failure to comply with customer screening requirements under the International Sanctions Regulations 2013.
• Ongoing status: The Company may continue its existing business but is placed under enhanced supervision until the Authority is satisfied it is fully compliant with the POCA and Sanctions Regulations.
• Appeal: The statutory 28-day appeal period ended 7 September 2020 and the decision was not appealed.

This is a one-off public disclosure of enforcement action rather than a rule of general application; it does not itself impose new requirements on other regulated entities but signals the BMA's compliance expectations for money service businesses under AML/CFT and sanctions regimes.

Key obligations

• Blue Nile Services Limited must achieve and demonstrate full compliance with the POCA Regulations and Sanctions Regulations to exit enhanced supervision.
• Blue Nile Services Limited remains subject to enhanced supervision by the BMA until compliance is confirmed.

Applies to

money service business providers

Deadlines

• 7 September 2020: Expiry of the 28 day statutory appeal period following the censure decision; the decision was not appealed.