ANTI-MONEY LAUNDERING & ANTI-TERRORIST FINANCING
The Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 (“the AML/ATF Regulations”) requires independent professionals to put in place and maintain appropriate procedures for the detection and prevention of money laundering and terrorist financing. The Proceeds of Crime (Anti-Money Laundering and Anti-terrorist Financing Supervision and Enforcement) Act 2008 ("the Supervision and Enforcement Act") provides for the designation of a professional body as a supervisory authority for relevant persons regulated by it. This supervisory authority is also responsible for ensuring that those firms regulated by it are supervised and monitored in their compliance with the Proceeds of Crime legislation.
The Barristers and Accountants AML/ATF Board (“the AML/ATF Board”) is a statutory board established jointly by the Chartered Professional Accountants of Bermuda (CPA)(formerly the Institute of Chartered Accountants ("ICAB”) and the Bermuda Bar Association (the Bar") pursuant to Section 8A of the Institute of Chartered Accountants of Bermuda Act 1973 and Section 25A of the Bermuda Bar Act 1974. The AML/ATF Board has been designated by the Minister of Justice under Section 4(1) of the Supervision and Enforcement Act to be the supervisory authority for AML/ATF regulation of independent professionals as defined by Regulation 2 of the AML/ATF Regulations.
The AML/ATF Board consists of a Chairman who has been jointly appointed by ICAB and the Bermuda Bar Council (“Bar Council”) together with a minimum of 4 and a maximum of 8 other members, half of whom shall be appointed by ICAB and the other half of whom shall be appointed by Bar Council to hold office for a term of up to 3 years. The Chairman of the Board is Mr. Warren Cabral. A Supervisor has been engaged to assist the AML/ATF Board to ensure that regulated professional firms comply with the requirements of Part 4 of the Supervision and Enforcement Act and with the AML/ATF Regulations. The Supervisor is Kim Wilson who is also the Secretary to the Board.
Firms are required to register with the Board pursuant to Section 30B of the Supervision and Enforcement Act and forms may be obtained from the Board's supervisor.
Barristers & Accountants AML/ATF Board
2nd Floor, Boyle Building
31 Queen Street
AML/ATF Board Members: Warren Cabral (Chairman), James Jardine, George Jones, Heather Vansickle, Tom Miller, Amanda Scaife, Michael Fahy & Renee Oliveira.
Contact the Board: email@example.com
Supervisor appointment of Kim N. Wilson as Supervisor effective April 1, 2013: The Barristers and Accountants AML/ATF Board appointed Kim N. Wilson as Supervisor, effective April 1, 2013. Kim Wilson served as the Attorney General and Minister of Justice of Bermuda between 2007-2010 & 2011-2012. In that role, she provided oversight and policy direction for all legislative and regulatory matters associated with money laundering and terrorist financing.
Contact the Supervisor Kim Wilson: firstname.lastname@example.org
JUNE 2018 REPORT
AML/ATF BOARD: The Supervisory Board hosted an information session on 30 November 2017 with members of the Bermuda Bar to discuss amongst other items, Legislative and Bar Rules proposals for mandatory registration of all firms with the Board and Risk-Based Supervision and Discipline of Regulated Firms (Session 1).
The date of Tuesday the 10th of April 2018 saw the second of the two sessions held where we experienced an excellent turn out from our members and members of CPA Bermuda. For those of you who did not make the second session which discussed the National Risk Assessment, together with the revised Guidance Notes and Methodology for Data Gathering (Session 2)
Please ensure that the contents of the National Risk Assessment is shared with your staff as part of your AML/ATF training as required under section 18 of Proceeds of Crime ( Anti-Money Laundering and Anti- Terrorist Financing) Regulations 2008, which relates to the requirement to ensure that a firm provides regular training in how to recognize and deal with transactions which may be related to ML/TF. The results of the National Risk Assessment will provide useful information to financial institutions and designated non-financial businesses and professions (DNFBPs) such as the Board, to support the conduct of their own risk assessments. In addition, once ML/TF risks are properly understood, country authorities may apply AML/ATF measures in a way that ensures they are commensurate with those risks – i.e.,. the risk-based approach (RBA), which is central to the FATF standards as set out in Recommendations 1, 10, 26 and 28. Save rather than print - 118 page doc as follows: