Monitoring the conduct of your business by ensuring there are robust systems and controls in place and that you have an independent process to identify and remediate any weaknesses in your policies and procedures is a hallmark of good corporate governance. It also protects your firm and your clients. Specifically, an independent audit should be… READ MORE
The Economic Substance laws and the updated Guidance provided in December 2019 require certain Regulated Entities to submit their declaration indicating the level on on-island activity no later than six months after their financial year start date. It is now August, and although many firms have already completed their declaration, others have various filing dates… READ MORE
In December 2019 the Bermuda Finance Minister released final Guidance around Bermuda’s Economic Substance (ES) laws. Firms falling within the scope of the ES laws are required to submit their declaration indicating the level on on-island activity no later than six months after their financial year start date. Many companies are using third-party relationships to… READ MORE
As firms begin to adjust to the “new normal,” which for many means staff and clients working remotely for an indefinite amount of time, it’s important to not lose sight of all the moving parts. Compliance is one of those, and now is a good time to look at your program and test it against… READ MORE
As many firms have started heavily leveraging remote conferencing systems to maintain business continuity during this COVID-19 outbreak, Zoom has seen a sudden rise in popularity and an equally sudden rise in cybersecurity concerns. There are many reports detailing both the lack of available protections and the implementation of those protections by firms. Zoom has… READ MORE
Why AML/ATF Annual Reviews Are Important AML/ATF-regulated entities in Bermuda have an obligation of having an independent Anti-Money Laundering (“AML”) audit performed at least annually. This means at least once a year and more frequently when senior management becomes aware of any gap or weakness in the AML/ATF policies, procedures or controls, or when senior… READ MORE
From insurance managers to banks, to wealth management firms and everything in between, well-implemented risk management programmes are the best way to help your organisation determine how to focus valuable resources.