Bermuda Compliance and Regulatory Updates – July 2022

BMA - Financial Sanctions Updates

Financial sanctions updates have been published by the BMA for Russia, Democratic People’s Republic of Korea, Belarus, Libya and Cyber. See: https://www.bma.bm/international-sanctions

BMA - Public Warning Renfrew Capital Management

Renfrew appears to offer investment services from Bermuda (Notices (bma.bm) and Ireland, but it has not been issued any licences by the BMA, which would be required in order to legitimately offer the services described on its website.  See: http://renfrewcapitalmgmt.co

AML/ATF Ministerial Advisory 2/2022

The FATF amended its list of Jurisdictions under Increased Monitoring in June 2022. See Documents - Financial Action Task Force (FATF) (fatf-gafi.org)

Updates since the last AML ATF Ministerial Advisory (in April 2022):

• Gibraltar has been added to the list of jurisdictions with strategic deficiencies
• Malta has been removed from the list of jurisdictions with strategic deficiencies

For more information and guidance, please visit: AML/ATF - Policy & Guidance - BMA

BMA - Commencement of Investment Business (Amendment) Act changes

The enhancements to the investment business regime took effect on 27 July 2022. See: Bermuda Legislation Documents - BMA, section on Investment.

Questions regarding the investment business regime changes should be directed to InvestmentInfo@bma.bm.

A letter was also issued by the BMA to give feedback to stakeholders regarding the investment business regime enhancements. See: Investment Business - Discussion/Consultation Papers - BMA

Deadlines for Q3 2022

For Bermuda

• September 30, 2022: Annual CRS Compliance Certification Form (Ministry of Finance)