Oyster Consultants Contributors to HFM 2018 Bermuda Report
In the recently published HFM Bermuda 2018 Special Report, Oyster Consulting (Bermuda) Director Henry Komansky and Consultant Chiara Soria reflected on the incoming AML/ATF regulation and the evolving necessities of board governance as the island’s regulatory scope increases.
The pace of regulatory change continues to increase and the BMA has recently published a number of consultation papers across a number of industries. One of the BMA’s proposed changes that will increase AML/ATF supervision in the fund space is the proposal that Bermuda Segregated Account Companies (SAC) must be AML/ ATF Regulated.
It is essential in today’s climate for compliance to have an ability to report into the board. Periodic compliance reporting ensures that the board is kept informed of compliance matters, creates board visibility for the compliance function and also helps demonstrate to the BMA that your organisation does indeed take compliance seriously. We have dealt with several entities that have adopted compliant policies and procedures, and may have even created a robust overall compliance programme, but then they may have not taken the next step by creating board reports or developing other reporting lines into the board or a board’s committee.
Oyster Consulting (Bermuda) has the experience and expertise necessary to assess your firm’s AML/ATF Programme and recommend practice solutions to improve your control environment. Oyster Consulting has assembled a team of deep subject matter experts across a number of disciplines that work together to bring over 1,000 years of combined experience to our clients. Oyster develops our point of view by leveraging our team’s combined perspectives on finance, operations, trading, technology, risk, and industry regulation to help our clients define and achieve success. Maximising people, process and technology will lead to better results for your shareholders and clients and help your business grow.
For more information about how Oyster Consulting can help your firm, please complete our contact form and one of our associates will be happy to help you.