Identify and Mitigate Risk: Third-Party Service Providers

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

Economic Substance Law Requires Risk, Due Diligence and Oversight Processes

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