AML FINES IN BERMUDA
04/01/2021
Penalties totaling $400,000 has been imposed on Crown Global Life Insurance Ltd, and Crown Global Life Insurance (Bermuda) Ltd, by the Bermuda Monetary Authority.
The civil penalties are pursuant to the provisions of section 20 of the Proceeds of Crime (Anti-Money Laundering & Terrorist Financing Supervision & Enforcement) Act 2008.
The BMA said it found no evidence that the companies were involved or complicit in any money laundering or terrorist financing activities. The companies are now in compliance with the Proceeds of Crime (Anti-Money Laundering & Anti-Terrorist Financing) Regulations 2008.
The Authority said the penalties were imposed for the companies' failure to comply with the following requirements of the Regulations adequately:
- The application of customer due diligence measures
- Ongoing monitoring of business relationships
- The timing of verification
- The application of enhanced due diligence
- Outsourcing
- Record-keeping
- Anti-Money Laundering/Anti-Terrorist Financing (AML/ATF) policies and procedures
- Independent audit functions
- Compliance officer
In a statement, the BMA said:
- "The breaches came to light during an on-site review of the companies' activities conducted by the AML/ATF unit of the Authority in November 2018. The Authority required the companies to remediate these failings by 31 July 2019.
- "The remediation was not completed to the satisfaction of the Authority within the time frame. The Authority views these breaches as serious because of their extent and duration, and because they demonstrated a weakness of the companies' internal AML/ATF controls."
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.