Thu, Jan 29, 2015
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. Investing - U.S. investors favor currency hedged Europe ETFs as euro tumbles, Quants win back investors as Swiss franc fuels volatility gains, David Einhorn's $7bn hedge fund is loading up on this stock, Hedge fund BlueMountain Capital unveils Ocwen Financial short, claims default on notes[more]

    U.S. investors favor currency hedged Europe ETFs as euro tumbles From Reuters.com: U.S. investors stung by the falling euro who want to stay invested in Europe are turning to exchange-traded funds designed to strip out the impact of the region's currency. The biggest among so-called "cur

  2. News Briefs - Millennials use tech tools to jump into investing, Winklevoss twins to launch bitcoin exchange with FDIC insured deposits, Robertson’s legacy from hedge funds to New Zealand, Real estate managers exploring smaller open-end funds[more]

    Millennials use tech tools to jump into investing It is the Facebookification of monetary investing. From social networking platforms that enable young investors to stick to every other's stock-picking mojo, to internet sites for initially-timers hungry for a piece of the Silicon Valley

  3. Opalesque Exclusive: Ex-Citi trader launches 'sleep-at-night’ long/short equity fund[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: After working at Citi's proprietary trading desk, managing a large portfolio between 2008 and 2011, Joel S. Salomon founded SalauMor Management in New York

  4. …And Finally - Prison restaurant is the best in Cardiff[more]

    From Orange.co.uk: A restaurant at a prison staffed entirely by inmates has been ranked as the best in Cardiff by diners. The Clink Restaurant at HMP Cardiff - which is open to the public - has been ranked number one on TripAdvisor out of 946 eateries in the Welsh capital. Diners who pos

  5. Update: Prosecutors seek 12 years for hedge fund manager Francisco Illarramendi[more]

    Komfie Manalo, Opalesque Asia: Federal prosecutors have asked the court to sentence convicted hedge fund manager Francisco Illarramendi to 12 years imprisonment for running an elaborate Ponzi scheme that bilked investors hundreds of millions in dollars, including a Venezuelan pension fund, report