AML/ATF

Have You Completed Your AML Audit? Time is Running Out

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

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. (Excerpts) The pace of regulatory change continues to increase and the BMA has recently published a number… READ MORE

Cryptocurrencies and the Regulatory Challenges Around Them

The complexity and global popularity of cryptocurrencies has initiated cooperative efforts between the SEC and CFTC to understand and regulate these products. The agencies have jointly testified before Congress and displayed interest in developing meaningful regulations; both agencies have promised additional working groups to pursue joint regulations. On January 24, 2018, the SEC and CFTC… READ MORE

What’s On Your Checklist?

Companies set many plans and objectives yearly to continue good business operations. This is like most people who have on their lists improving their health so they can aim to live longer.  In the same way, firm leaders also need to apply this this determination to the wellness of their firms. What should be on… READ MORE

‘Tis the Season for the Bribery Act

As gifts are given and received, with the introduction of the Bermuda Bribery Act 2016, its time to consider the following important questions: Do I need to report the Quality Street? (Not Likely) What about that Goslings 2017 America’s Cup Trophy Rum and Decanter? (Yes, and can I have some?) The Bermuda Act, like its UK parent,… READ MORE

Oyster Offers AML/ATF Training

Is your AML/ATF program effective?  Does it contain training for your employees as well as customized policies and procedures?  Creating, distributing and training on regulatory and continuing education topics can be time consuming and run the risk of not being up to industry standards.  Oyster Consultant Henry Komansky conducts training sessions on the latest Anti-Money… READ MORE

Oyster Offers New Service for Insurance Managers

Oyster Consulting is proud to offer a new service for Insurance Managers.  Since late 2016/early 2017 Insurance Managers have been included in the group of entities regulated by the BMA for compliance with Bermuda’s Anti-Money Laundering (“AML”)/Anti-Terrorist Financing (“ATF”) regime.  All such regulated entities in Bermuda are obligated to have an independent AML audit performed… READ MORE