Wed, May 27, 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. Opalesque Exclusive: SEC approves proposed changes to Form ADV, '40 Act - comment period to follow[more]

    Bailey McCann, Opalesque New York: Hedge funds and providers of liquid alternatives will want to pay close attention to proposed reforms approved by the SEC yesterday. The changes will require more frequent reporting, as well as a closer look into social media, liquid alternative strategies, and

  2. Investing - Hedge funds buy swathes of foreclosed subprimes, force up rents, float rent-bonds, Hedge funds buy Actavis, Valeant. ETFs join the party, The most loved biotechs of big hedge funds, Stocks to buy ... according to hedge funds, Atlantic City bond offering attracts hedge funds as buyers, Okumus Fund Management discloses huge new Ascent Capital Group stake[more]

    Hedge funds buy swathes of foreclosed subprimes, force up rents, float rent-bonds From Boingboing.com: When a giant hedge fund is bidding on all the foreclosed houses in a poor neighborhood, living humans don't stand a chance -- but that's OK, because rapacious investors make great landl

  3. Institutions - Institutional investors turn to real estate, planes, Assets at Bostonís five biggest family nonprofits rise to $3.5bn[more]

    Institutional investors turn to real estate, planes From Joins.com: The National Pension Service and domestic emerging market specialists who did not know where to invest in a low interest rate environment are turning to other investments like the blue-chip real estate market abroad.

  4. Opalesque Exclusive: A lot of hedge fund investors are beginning to recognise the need for ongoing cyber threats monitoring[more]

    Benedicte Gravrand, Opalesque Geneva: Corporate Resolutions Inc. recently formed a strategic partnership with iThreat Cyber Group. The two companies have worked together for years, assisting clients when challenging

  5. Opalesque Exclusive: BMO launches multi-strat '40 act fund[more]

    Bailey McCann, Opalesque New York: As we reach new market highs, investors are looking for a way to diversify and protect their portfolios from a potential market correction. Liquid alternatives are rapidly gaining ground as a critical tool for investors to use to mitigate downside risk. The BMO

 

banner