INFORMATION PRESENTATION
NOVEMBER 2011
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Barristers & Accountants AML/ATF Board
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Regulatory Framework
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Requirements for Regulated Persons
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Registration
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Onsite Visits
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Offences and Penalties
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Consultation Process
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Established pursuant to S.25A of the Bermuda
Bar Act 1974 and Section 8A of the Institute
of Chartered Accountants of Bermuda Act
1973
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Chairman and 6 members
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Supervisor
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Supervisory authority for independent
professionals ( as defined in Reg. 2 Proceeds of
Crime (Anti-Money Laundering and AntiTerrorist Financing) Regulations 2008
Minister may designate professional body under
S.4 Proceeds of Crime (Anti-Money Laundering
and Anti-Terrorist Financing Supervision and
Enforcement) Act 2008 as supervisory authority
once satisfied that Board is able to discharge
effectively duties under S.5of that Act
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Monitor effectively the persons it is responsible
for (independent professionals)
Issue Guidance as to compliance with AML/ATF
Regulations
Take necessary measures to ensure compliance
with the requirements of the Proceeds of Crime
Act, the Anti-Terrorism (Financial and Other
Measures ) Act 2004 and AML/ATF Regulations
Report to the FIA any suspicion that a person it is
responsible for supervising has engaged in
money laundering or terrorist financing
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To require information and documents (Section
30D)
No requirement to provide or produce information or
answers to questions which firm would be entitled to
refuse to provide, produce or answer on grounds of LPP
S.30 D(6)
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To conduct site visits (Section 30E) – can come in
and inspect premises, information where there is
reasonable cause to believe premises are being
used by a regulated professional firm in
connection with their business
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Issue directives (S. 30H)
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Impose civil penalties (S. 30I)
Fine not exceeding $250,000.00
Failure to comply with directive issued under S.30H
Failure to comply with AML/ATF Regs
Consideration given to whether firm followed
Guidance issued by the Board
Procedure set out in S.30J
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Proceeds of Crime Act 1997
Proceeds of Crime (Anti-Money Laundering
and Anti-Terrorist Financing) Regulations
2008
Proceeds of Crime (Anti-Money Laundering
and Anti-Terrorist Financing Supervision and
Enforcement ) Act 2008
Anti-Terrorism (Financial and Other
Measures) Act 2004
Financial Intelligence Agency Act 2007
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Bermuda Bar Act 1974
Institute of Chartered Accountants of
Bermuda Act 1973
Guidance Notes on the Prevention and
Detection of Money Laundering and the
Financing of Terrorism issued by the
Barristers & Accountants AML/ATF Board
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Relevant person defined in Reg. 2 of the
AML/ATF Regulations as a person to whom
Reg. 4 of the AML/ATF Regulations applies
Reg. 4 AML/ATF Regulations applies to
independent professionals also defined in
Reg. 2 of AML/ATF Regulations
Only required to have systems in place where
conducting regulated activities
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Regulated activities will include:
Buying and selling real property;
Managing client monies, securities and other
assets;
Management of bank, savings or securities
accounts;
Organisation of contributions for the creation,
operation, or management of companies;
Creation, operation or management of legal
persons or arrangements, and buying and selling
business entities
Compliance with key AML/ATF Regulations:
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Reg
Reg
Reg
Reg
Reg
Reg
Reg
Reg
Reg
6 – Customer Due Diligence
7 – Ongoing Monitoring
8 – Timing of verification
9 – Requirement to cease transactions
11 – Enhanced Due Diligence
15 – Recordkeeping
16 – Systems
17 – Internal Reporting
18 - Training
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Registration form
Requirement under S.30B of SEA Act to establish
and maintain a register of regulated professional
firms
Forms to be distributed in December 2011 with
return date to Supervisor prior to February 29,
2012
Confirmation from Board before March 31, 2012
as to status
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Preliminary round of visits after July1, 2012
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Selection of firms to be chosen based on size,
nature of business activities etc.
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Notice to be given of scheduled dates by May 31,
2012
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Supervision within a group structure by more
than one supervisory body – can cooperate with
each other BMA/Board
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Section 43 – Concealing
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Section 44 – Assisting in the retention of
proceeds of crime
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Section 45 – Acquisition of proceeds of crime
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Section 46 – Failure to disclose knowledge
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Section 47 – Tipping Off
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Assisting/ Concealing/Acquisition:
◦ Summary Conviction – 5 years imprisonment and/or
$50,000.00 fine
◦ Indictable Conviction – 20 years imprisonment
and/or unlimited amount in fines
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Failure to Disclose knowledge/Tipping Off:
◦ Summary Conviction – 3 years imprisonment and/or
$15,000.00 fine
◦ Indictable Conviction – 10 years imprisonment
and/or unlimited fine
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Penalties for breaches of AML/ATF Regulations:
Regulation 19
◦ Summary Conviction –$50,000.00 fine
◦ Indictable Conviction –$750,000.00 and or 2 years
imprisonment
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Civil Penalty for breach of AML/ATF Regulations
or failure to comply with a directive issued under
S.30H of the Proceeds of Crime (Anti-Money
Laundering and Anti-Terrorism Financing
Supervision and Enforcement) Act 2008:
Fine not exceeding $250,000.00
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Visits to firms held during first quarter 2012
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Meetings with Bar Council and Council of ICAB
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Additional Training sessions
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Contact details for Supervisor:
Cheryl-Ann Mapp
E-mail: supervisor.amlatfboard@gmail.com
Tel: 292-5637