Wed, Jul 30, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Other Voices: The impact of the new Bermuda anti-money laundering regime on investment fund operators and administrators

Tuesday, May 12, 2009

This article was authored by international law firm Conyers Dill & Pearman:

Two new pieces of legislation have been introduced in Bermuda, effective January 1, 2009.

The Proceeds of Crime Regulations (Supervision and Enforcement) Act 2008 (the "Supervision Act") and the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 require all Anti-Money Laundering and Counter Financing of Terrorism ("AML/CFT") regulated financial institutions to comply with various AML/CFT obligations under the recently updated and enhanced AML/CFT legislative framework.

In March 2009, the Bermuda Monetary Authority ("BMA") announced that it had published Anti-Money Laundering Guidance Notes and a Statement of Principles as part of Bermuda's enhanced AML/CFT framework.

The updated legislation defines "Financial Institutions" as persons who, among other things, carry on the business of a "fund administrator" within the meaning of the Investment Funds Act 2006 (the "IFA"); or are "operators" of investment funds within the meaning of the IFA.

The guidance provided is of direct relevance to the senior management of such Financial Institutions and to their respective Reporting Officers (see below). The BMA expects Financial Institutions, under its supervision, to address their management of the relevant risks in a thoughtful and considered way, and to establish and......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Events – AIMA Australian Hedge Fund Forum, Sept. 16, Sydney[more]

    AIMA Australia invite you to join us at our annual Hedge Fund Forum on Tuesday 16th September 2014 at the Sofitel Sydney Wentworth. The AIMA Australian Hedge Fund Forum is a non-profit hedge fund conference organised by the industry for the industry, featuring quality Australian and internation

  2. Opalesque Roundtable: Success in hedge fund marketing not linked to performance, but investor appetite[more]

    Komfie Manalo, Opalesque Asia: Success in marketing a fund is not linked to the performance, but to investor appetite, to the way you can market the fund, and to how much time you can spend to raise assets, said Antoine Rolland, the CEO of incubator and seeding firm

  3. Hedge fund manager Winton Capital making headway with long-only strategy[more]

    From PIonline.com: North American investors are helping Winton Capital Management Ltd. make progress — albeit slowly — toward its founder's goal of becoming a $100 billion company. The firm's ticket to quadrupling its assets under management is unlikely to be one of its scientifically designed manag

  4. Opalesque Radio: Now is a good time to buy protection cheaply in the options market[more]

    Benedicte Gravrand, Opalesque Geneva: Investors are showing an increased interest in risk parity funds and strategies, Opalesque reported last year. Risk parity strategies have the

  5. The Big Picture: Charlemagne Capital smoothes risk out of frontier market investing with portfolio approach[more]

    Benedicte Gravrand, Opalesque Geneva: Opalesque recently talked to one of the portfolio managers of the Oaks funds, which are emerging and frontier market hedge funds focusing on equity long/short with a directional approach. They are run by