Have You Completed Your Annual AML Audit?

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Bermuda is joining the international push for transparency and accountability, enhancing its anti-money laundering/anti-terrorist financing regime as well as updating laws creating stronger data protection for the public and implementing international standards for bribery, corruption and fraud.  One of the new requirements for AML/ATF regulated entities in Bermuda is that they all must have an independent Anti-Money Laundering (“AML”) audit performed at least annually.

 

What Regulated Entities Should Be Doing:

As part of this process, regulated entities should compare their written AML policies and procedures, actual practices, books and records, and controls against AML/ATF requirements and regulations by testing records using risk-based and random sampling methods.

Regulated entities should also review:

  • AML/ATF Program Structure, Approval and Oversight
  • Customer Identification / Onboarding Program
  • Financial Intelligence Agency Section 16 Requests
  • Review of Accounts, with an emphasis on High Risk Accounts
  • Transaction Monitoring
  • Sanctions Screening
  • Suspicious Activity Reporting and Consent Requests
  • Training and Education

How Oyster Can Help:

Oyster’s consultants, having themselves been Chief Compliance Officers, and Money Laundering Reporting Officers, have been participated in AML audits and know what it is like to sit in your seat. We will work with your team to make sure our assessment is fair and accurate. Oyster has worked with many different types of regulated entities, small to large, with a variety of different business models. Additionally, Oyster can provide training programs customized to your firm’s needs.

For more information on how Oyster can help your firm stay ahead of the regulatory curve, complete our contact form or call us at (441) 541-5036 and one of our associates will be happy to help you.

 

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