Published: August 2023
Report of the activities of the Barristers & Accountants AML/ATF Board (the “Board”) for the year ending 31st March 2023 - published in accordance with Section 5(3)(b) of the Proceeds of Crime (Anti-Money Laundering and Anti-terrorist Financing Supervision and Enforcement) Act 2008 (the “Act) for the calendar year ending 31st March 2023.
The Supervisory Regime
Similar to the previous year, the most significant event of the preceding year affecting all sectors and the ability of the Board to carry out its mandated role was not surprisingly, the COVID 19 pandemic. However, the robust remote working regime established in 2020 for the Supervisory Team continued as it did for most other businesses. Based on the review of the Independent Audits, conducted pursuant to section 17A of the Proceeds of Crime (AML/ATF) Regulations 2008, two onsite reviews were conducted in 2022. The use of Desk Top Reviews continues to be a key feature in the satisfying the Board of the effectiveness of the AML/ATF regime for all Regulated Professional Firms.
The work of the Board continues, with the Board meeting remotely bi-monthly in addition to me conducting numerous meetings with our stakeholders and other regulators throughout the last period. The Board has continued to be an active participant in the national exercise of the FATF Mutual Evaluation with the Supervisor Kim Wilson leading the charge. Arising from that, the National Anti-Money Laundering Committee and its Supervisory Forum have set out a detailed coordinated program for Bermuda, to which the Board ascribes. The Supervisory Team has spent a considerable amount of time on this process for which the Board is grateful.
The Board continues to work with both CPA Bermuda and Bermuda Bar Council to further build and consolidate a robust and effective regulatory regime.
Funding
FY23 marked the second successful year of registration fees paid directly to the Board by registrants with no defaults or arears. The Board’s operating budget for 2023/2024 was approved by both the Bar Council and the CPA and we continue to operate in a financially prudent and responsible manner.
Audit and Financial Statements
The Board is almost up to date with its annual audit and to increase transparency, the Board published all of its current and prior year’s financial statements on-line on the Board’s website https://www.amlatfboard.bm.
Registration Improvements
The Board continues to improve the registration process year over year, refining the information collection process. The Board now has three years of data for annual comparisons and trend analysis.
Firms need to understand the importance of submitting accurate and timely information to the Board as this information is analyzed and forms part of the risk rating for their industry and contributes to the NRA. That said, the Board recognizes the efforts and improvements made by the majority in the reporting industries and will continue to drive for higher compliance results, as one would expect.
Board status
For the reporting period, we welcomed new appointee Ms. Miram Rogers as a Bar Association representative and Alain Fournier was reappointed to the Board as a CPA representative in July. Additionally, both the CPA and Bar Association reappointed me as Chairman for another term as Chair.
Conclusion
The Board has had another busy but successful year, which could not all be achieved without the dedication of fellow Board members. As such I thank Renee Oliveira, Alain Fournier, Miriam Rogers, Amanda Scaife, Edward Allanby and Antoine Lightbourne and also the Supervisory Team of Kim Wilson, and Peter Aldrich for their dedicated work for the Board. In addition, I would like to thank George Jones, Jerome Wilson and Shanna Lespere and their respective teams at the Bar Association and CPA.
Finally, the Supervisory Team will continue to assist in registrations. Your first point of call for queries and assistance should be Peter Aldrich.
Regards
Hon. Michael M. Fahy, JP
Chairperson
Notice To Compliance Officers
Published: 18 July 2023
Re: Bermuda National Risk Assessment, 2020
Dear Compliance Officers,
The Financial Action Task Force, “FATF” requires that countries shall conduct a meaningful National AML/ATF Risk Assessment on a regular basis. Such Risk Assessments are useful for the authorities, and the other institutions, (eg FIs and DNFBPs), so that all relevant parties understand and mitigate material money laundering and terrorist financing risks.
According to FATF, “Understanding the money laundering and terrorist financing risks is an essential part of developing and implementing a national anti-money laundering / countering the financing of terrorism (AML/CFT) regime.”
“A risk assessment allows countries to identify, assess and understand its money laundering and terrorist financing risks. Once these risks are properly understood, countries can apply AML/CFT measures that correspond to the level of risk, in other words: the risk-based approach (RBA). The risk-based approach, which is central to the FATF Recommendations, enables countries to prioritize their resources and allocate them efficiently.”
You would be aware that Bermuda conducted a National Risk Assessment with respect to our AML/ATF regime.
To this end, please see attached a copy of the latest Bermuda National Risk Assessment, 2020.
This Report is part of Bermuda’s ongoing AML/ATF regulatory regime developments, with ML/TF risk assessments and subsequent reporting taking place roughly on a 3–4-year cycle.
The Report acts as a reference document, showing how Bermuda addressed its last round of AML/ATF regulatory changes.
The Report shows that Bermuda’s national ML threat rating was raised to High from the 2017 rating of Medium-High. This reflected our deeper analysis and understanding of Bermuda’s potential ML risks using a wider range of data and information available for the 2020 NRA, rather than any major changes in the threat profile. It also reflected the continued enhancement of expertise and experience of Bermudian authorities gained with each cycle of assessments over the years.
Government institutions and the private sector can use the information in the National Risk Assessment as a resource, to inform ongoing good governance and modifications to their AML/ATF Compliance regimes.
Please carefully review the attached, paying particular attention to the chapters relating to both the legal and accounting sectors.
Should you have any questions concerning this, please contact our Supervisor, Kim Wilson on [email protected].
Yours faithfully
Michael M. Fahy
Chairman
Report on 2020 Money Laundering and Terrorist Financing Risk Assessments
Published: 20th July 2023
Through the leadership of NAMLC, Bermuda has conducted national risk assessments in 2013 (ML), 2016 (TF), 2017 (ML) and 2020 (ML and TF) to identify the money laundering and terrorist financing risks that affect Bermuda. The results of the most recent ML and TF Risk Assessments are now available in the Report on 2020 Money Laundering and Terrorist Financing Risk Assessments, and should be used as a reference document by both public and private sector stakeholders.
AMLATF Chairmans Report Year Ending March 31 2022
Published: 27th July 2022
Report of the activities of the Barristers & Accountants AML/ATF Board (the “Board”) for the year ending 31st March 2022 - published in accordance with Section 5(3)(b) of the Proceeds of Crime (Anti-Money Laundering and Anti-terrorist Financing Supervision and Enforcement) Act 2008 (the “Act)
The Supervisory Regime
The most significant event of the preceding year has been the transition to the new registration period for all entities falling within the remit of the Board’s supervisory regime. This saw all professional firms per the AML/ATF Regulations that do not engage in specified activities (i.e. unregulated) pay a registration fee to the Board of $750.00 per annum; and all professional firms per the AML/ATF Regulations that engage in specified activities (i.e. regulated) pay a registration fee to the Board of 1% of gross revenue related to those specified activities per annum as declared to the Board upon registration in the preceding year (minimum $750.00).
As a result of the continuing uncertainty of Covid-19, no onsite reviews were conducted for obvious reasons. However, desktop reviews continued for all Regulated Professional Firms and the work of the Board continued unabated, with the Board meeting remotely on a monthly basis. The Supervisor has reported a high level of compliance across the sector, especially based on the generally positive independent audits reviewed.
This past year (December 2021), the Assistant Supervisor, Martin Russell left us to join a private company. Martin was instrumental to the Board’s activities and he gave great assistance to our Supervisor, Kim Wilson. There are no immediate plans to replace Martin, rather the Board has decided that our Office Manager and Technical Officer, Peter Aldrich can give assistance as required. For that, the Board expresses its gratitude to Peter for his ability to streamline operations and make our processes far easier and quicker than previously.
As reported last year, the Board continues to be an active participant in the national agenda with the Supervisor Kim Wilson continuing to lead the Board’s efforts in this regard. Kim has spent a considerable amount of time on this process and her supervisory responsibilities, for the which the Board is most grateful.
The Board continues to work with both CPA Bermuda (“CPA”) and the Bermuda Bar Association through Bar Council (“Bar Council”) via the Mutual Advisory Committee (“MAC”) to further build and consolidate a robust and effective regulatory regime.
Funding
The new registration process has worked well and the Board contained costs as much as possible to ensure that the fees remained as originally proposed (per the above). Both the CPA and Bar Council approved the Board’s budget and approvals for the 2022-2023 budget were received in March 2022. The Board’s budget is available on our website.
Audit and Financial Statements
The Office of the Auditor General (“OAG”) commenced the annual audit of the Board’s finances for year-end March 31, 2021 in accordance with legislation governing the Board’s activities. Unfortunately, the audit is still on going, largely due to staffing issues within the OAG. As a result, the Board resolved to publish unaudited financials now and we will of course publish the audited financials when received (on-line on the Board’s website).
Registration
The (re)registration process began in September 2021 and allowed the Board to issue Registration Certificates to supervised entities in time for the Bermuda Bar Council and CPA annual registration. Whilst most registrants were able to successfully navigate the process, Board staff made themselves available to assist those that had difficulties. Almost all entities that are required to register with the Board did so in time to receive their practicing certificates.
The Board continues to refine the registration process based on feedback from users, so please share any issues with the Board staff so that we may consider what further changes can be made to the registration and supervisory process. We are trying to be nimble yet effective supervisors and can do so with your input.
Board status
As reported last year, the Bermuda Bar appointed barrister Mark Cave for a three-year term in April 2021. Sadly, Mark passed away in February 2022, which was a shock to us all. Mark was a wonderful complement to the Board and will be remembered fondly.
In June 2021, the Board welcomed chartered accountant Edward Allanby, the CEO and co-founder of Leman Management Limited, who was appointed by the CPA. In July 2021 the Board also welcomed barrister Antoine Lightbourne, the Assistant Tax Commissioner, who was appointed to the Board by Bar Council.
The Board continues to seek suitably qualified individuals to serve on the Board from Bermuda Bar members and CPA Bermuda to fill vacant positions. If you are interested in serving, please contact your respective membership body.
Final Thoughts
Regulators and supervisors globally are under increasing pressure to supervise numerous areas from AML/ATF regimes to trade sanctions, cyber-security, data protection and numerous other areas. Often pressure from regional and global bodies requires there to be further supervision. In the Board’s view, the Bermuda regime in supervising barristers and accountants is robust but there is always pressure to do more. There is a happy medium to be found in this regard and that is why it is very important when we request assistance from you that you do in fact assist, especially during National Risk Assessments (“NRA”), as well as annual working group meetings and data calls in preparation for the analysis required annually to review and update the NRA’s. Whilst we as a Board and supervisory team have our own thoughts on risks to the sector, your input is what is most valuable to help you shape the regulatory landscape. There is little sense in complaining about increased regulation if you do not participate in the processes that lead to the changes. Stay tuned for requests for assistance and information sessions throughout the year.
Conclusion
The work of the Board could not all be achieved without the dedication of fellow Board members. As such, I thank Alain Fournier, Renee Oliveira, Amanda Scaife, Edward Allanby and Antoine Lightbourne for their contributions for financial year ended March 2022 and also the Supervisory Team of Kim Wilson, Martin Russell and Peter Aldrich for their sterling work. In addition, I would like to thank Elizabeth Christopher in her capacity as past Bar Council President, George Jones in his role as current Bar Council President and Jonathan Howes in his capacity as CPA President of and their respective teams for their input throughout the year.
Finally, the Supervisory Team will continue to assist in registrations. Your first point of call for queries should be our website, which has a lot of useful information. If you require assistance please call Peter Aldrich or our Supervisor, Kim Wilson.
Regards
Hon. Michael M. Fahy, JP
Chairman
Report of the Activities of the AML/ATF Board for the year ending 31st March 2021
Published: 17 May 2021
15th May 2021
Report of the activities of the Barristers & Accountants AML/ATF Board (the “Board”) for the year ending 31st March 2021 - published in accordance with Section 5(3)(b) of the Proceeds of Crime (Anti-Money Laundering and Anti-terrorist Financing Supervision and Enforcement) Act 2008 (the “Act) for the calendar year ending 31st March 2021.
The Supervisory Regime
The most significant event of the preceding year affecting all sectors and the ability of the Board to carry out its mandated role has been, not surprisingly, the COVID 19 pandemic. As a result, the Supervisory program was greatly reduced, and no onsite reviews were conducted for obvious reasons. However, Desk Top Reviews continued for all Regulated Professional Firms and the work of the Board continued unabated, with the Board meeting remotely on a monthly basis in addition to conducting numerous sub-committee meetings throughout the last period. Robust remote working was enabled for the Supervisory Team by quickly adjusting our working platform and methods, as did most other professional entities.
This past year, the Board has invested significantly in terms of human resources and systems to support the demands of the Board’s operation and our regulatory obligations including the hiring of Peter Aldrich in September 2021 as the Technical Officer and Office Manager to replace the previous Technical Officer. The Board has been an active participant in the national exercise of the FATF Mutual Evaluation with the Supervisor Kim Wilson leading the charge. Arising from that, the National Anti-Money Laundering Committee and its Supervisory Forum have set out a detailed coordinated program for Bermuda, to which the Board ascribes. The Supervisory Team has spent a considerable amount of time on this process for which the Board is grateful.
The Board continues to work with both CPA Bermuda and Bermuda Bar Council through the Mutual Advisory Committee (“MAC”) to further build and consolidate a robust and effective regulatory regime. Much work has been done by the Board, the Supervisor Kim Wilson, Assistant Supervisor Martin Russell and Technical Officer Peter Aldrich to assist registrants and provide the necessary guidance and support as required. The Board recognizes the workload involved in meeting the required statutory responsibilities and the Board continues to refine its processes and procedures to allow for a more streamlined registration process. Accordingly, the Board revised many processes over the last few months and launched its online registration portal with electronic payment in January 2021. The portal continues to evolve, thanks to the input given from the working group from the Bar Association and CPA Bermuda members and Warren Cabral.
Funding
Since inception, the Board has been funded by way of a fee levied by CPA Bermuda in accordance with section 7A(g) of the Chartered Professional Accountants of Bermuda Act 1973, and by way of Section 9(ea) of the Bermuda Bar Act 1974. By way of reminder CPA Bermuda and Bermuda Bar levied fees on their respective members in line with a Memorandum of Understanding (“MOU”) between CPA Bermuda and Bermuda Bar, which laid out the respective organizations’ funding obligations.
That MOU expired some time ago and to try and assist both CPA Bermuda and the Bermuda Bar, the Board worked with MAC, which is comprised of members of the Board, CPA Bermuda and Bermuda Bar to find a more equitable way of funding the Board’s activities. After a consultation process, the result was a new fee structure based on the existing registration/renewal fees and to offset the Board’s operational costs, a minimum fee and/or 1% of Specified Activity Revenue (whichever is greater) was introduced. All documents related to the consultation are on our website.
Audit and Financial Statements
The Office of the Auditor General undertook the annual audit of the Board’s finances for year-end March 31, 2020 in accordance with legislation governing the Board’s activities. I am pleased to report that the Board received a clean audit opinion. To increase transparency, the Board resolved to publish all of its current and prior year’s financial statements on-line on the Board’s website www.amlatfboard.bm. This has now been completed.
Further Registration changes
Work on refining our processes continues and we will start the 2022 registration process in October 2021. This will allow the Board to issue Registration Certificates to supervised entities in time for the Bermuda Bar Council and CPA Bermuda annual registration. The aim is to align the Board’s registration process with that of the Bermuda Bar and CPA Bermuda so make the process smoother and easier to follow.
Board status
As Board Chairman effective 1st October 2020, I would like to acknowledge and thank Warren Cabral for his contribution to the Board both as a Board member and Chairman over the preceding years. Warren ensured that the Board was well positioned on his departure on 30th June 2020 and we are grateful for his leadership and contributions.
This year the Board welcomed barrister Mark Cave appointed by the Bermuda Bar for a three-year term in April 2021. Mark’s bio is on the Board’s website. The Board continues to seek suitably qualified individuals to serve on the Board from Bermuda Bar members and CPA Bermuda to fill vacant positions. If you are interested in serving, please contact your respective membership body.
On behalf of the Board, I would also like to thank Tom Miller whose term as Board member and Treasurer officially comes to an end in June. Tom has been an invaluable Board member and his expert assistance in assisting with the annual audit cannot be understated.
Conclusion
The Board has had a busy year, and despite Covid-19 restrictions and being without a Chairman or Technical Officer for three months and being short of a full complement of Board members, the Board supervisory team managed to continue its supervisory duties, the Board conduct a consultation process, introduced a new fee structure, launched its online registration system and received a clean audit opinion. This could not all be achieved without the dedication of fellow Board members. As such I thank Tom Miller, Renee Oliveira, Alain Fournier, Amanda Scaife and also the Supervisory Team of Kim Wilson, Martin Russell and Peter Aldrich for their work over a trying period for the Board. In addition, I would like to thank both Elizabeth Christopher and Jonathan Howes and their respective teams for their input before, during and after the fee consultation process to agree the current fee structure.
Finally, the Supervisory Team will continue to assist in registrations. Your first point of call for queries and assistance should be Peter Aldrich.
Regards
Hon. Michael M. Fahy, JP
Chairman
Registration Feedback and Fees 2021
Published: 15 March 2021
Registration Feedback and Fees 2021
On March 5th 2021, the Chairman of the Barristers & Accountants AML/ATF Board wrote to the Bermuda Bar Association (BBA) and Chartered Professional Accountants (CPA) providing them with registration feedback. In addition the letter also addressed the subject of the 2021 Fees as agreed by the Mutual Assistance Commitee. The letter was subsequently distributed by both organizations to their membership. The full content of the letter is published below:
Changes to the Registration Regime for Barristers and Accountants 2021
Published: 26 January 2021
Dear Members of the Bermuda Bar Association and Chartered Professional Accountants of Bermuda:
Changes to the Registration Regime for Barristers and Accountants 2021
As you know and as explained on our website, the Barristers and Accountants AMLATF Board (the "Board") is a statutory board established jointly by the Chartered Professional Accountants of Bermuda (CPA Bermuda) and the Bermuda Bar Association (the "Bermuda 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 Board has been designated by the Minister of Justice under Section 4(1) of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act, 2008 (the “Act”) to be the supervisory authority for regulated professional firms (barristers and accountants) as defined by Regulation 2 of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 (“the AML/ATF Regulations”).
Since inception the Board has been funded by way of a fee levied by (i) CPA Bermuda in accordance with section 7A(g) of the Chartered Professional Accountants of Bermuda Act 1973, which says that the CPA Bermuda, in conjunction with the Bar Council may make by-laws respecting the Barristers and Accountants AML/ATF Board, including by-laws
“…fixing the fees payable by firms to defray the operational costs of the Barristers and Accountants AML/ATF Board and providing for penalties to be assessed against firms who fail to pay such fees, including the suspension, termination or expulsion from CPA Bermuda of members practising with such firms.”
And (ii) by way of Section 9(ea) of the Bermuda Bar Act 1974 says that the Bar Council may make rules
“…fixing the fees payable by firms to defray the operational costs of the Barristers and Accountants AML/ATF Board and providing for penalties to be assessed against firms who fail to pay such fees, including the withdrawal of the practising certificates of barristers practising for such firms”
CPA Bermuda and Bermuda Bar levied fees on their respective members in line with a Memorandum of Understanding (“MOU”) between CPA Bermuda and Bermuda Bar, which laid out the respective organizations’ funding obligations. That MOU expired some time ago, following which both CPA Bermuda and Bermuda Bar advised the Board that the fees levied on their respective members to support the regulatory activities of the Board needed to be re-examined.
As a result of this notification, and to try and assist both CPA Bermuda and the Bermuda Bar, the Board has been working within the Mutual Assistance Committee (“MAC”) which is comprised of members of the Board, CPA Bermuda and Bermuda Bar to find a more equitable way of funding the Board’s activities. As a consequence of this consultative process, a new funding arrangement has been tentatively agreed upon by the MAC set out below, subject to input and further feedback from CPA Bermuda and Bermuda Bar members. In addition, the Board has also changed its processes and procedures to allow for a more streamlined registration process following feedback from registrants (also set out below).
Funding:
- It is proposed that all professional firms per the AML/ATF Regulations that do not engage in specified activities (i.e. unregulated) shall pay a registration fee to the Board of $750.00 (per professional firm, not per person) per annum; and
- It is proposed that all professional firms per the AML/ATF Regulations that engage in specified activities (i.e. regulated) will pay a registration fee to the Board of 1% of gross revenue related to those specified activities per annum as declared to the Board upon registration in the preceding year (minimum $750.00).
It is anticipated that over 80% of regulated firms will see a decrease in their registration fees. A minimum number will have a small increase in registration fees with a few others having a much larger increase.
Administration:
- CPA Bermuda will send invoices directly to accountancy registrants with payments collected by CPA Bermuda for onward transmission to the Board.
- The Board, on behalf of the Bermuda Bar, will send invoices directly to barrister registrants for payment directly to the Board. The invoices will be issued at the same time as the practicing certificate renewal process by the Bermuda Bar (save for this transition year).
- The Board will issue registration certificates to each registrant upon payment being satisfied.
- Non-payment will result in registration certificates not being issued or further action being taken by the Bermuda Bar or CPA Bermuda as appropriate pursuant to the various acts governing the Board and its supervisory duties.
The Board in consultation with the MAC carefully examined three more options in regards to funding, in particular:
(a) charging a registration fee per individual barrister/accountant (regardless of whether they engage in specified activity);
(b) charging a fee as a percentage of overall gross revenue of each regulated firm;
(c) charging a fee per specified activity transaction of regulated firms.
None of these options were deemed suitable by the MAC. The Board welcomes feedback to the fee proposal via email: [email protected] by 26th January 2021.
Registration
We also write to remind you of the necessity to register annually with the Board, with the deadline being 31 January in each year (guidance note below).
A significant difference from last year is that this year all registrations will be filed electronically using our new web portal which can be accessed here: portal.amlatfboard.bm (it will be live imminently).
Importantly, if your entity was classified as “Non-Regulated” in the previous year, you are simply required to submit the Basic Registration Information, complete the various declarations and submit payment. In other words, there is less of an administrative burden for “Non-Regulated” entities moving forward. This has been amended thanks to feedback from registered entities.
During the past year, the Board has invested significantly in terms of human resources and systems. It has also been an active participant in the national exercise of the FATF Mutual Evaluation. Arising from that, the National Anti-Money Laundering Committee and its Supervisory Forum have set out a detailed coordinated programme for Bermuda, to which the Board ascribes. The consequence for registered firms will be much closer interaction with the Board than firms may previously have experienced, according to a timetable which will be strictly enforced.
Firms will recall that supervision is exercised using a risk-based approach. Accordingly, significant data is required in order to enable the Board to determine whether a firm is to be regulated in any one year and also to assess risk, both for the rating of an individual firm and to understand risk across the legal and accounting sectors as a whole. To that end, the following material will be required to be included with the registration submission or supplied at a later date as indicated below: -
| Information Required | Due Date |
| Annual Registration (includes payment) | January 31st 2021 (subject to feedback) |
| *Entity Risk Assessment | March 31st 2021 |
| *Mitigants Questionnaire | March 31st 2021 |
| *Independent AML/ATF Audit | April 30th 2021 |
*Please Note: Commencing January 2022, the above Data Calls must also be submitted with the Annual Registration due in January of each year.
The Board recognises the workload involved in meeting your statutory responsibilities and stands ready to assist firms by way of training sessions and individual consultations. Please contact the Board’s office on 296-5577 to make an appointment, if needed. Equally, the Board wishes to indicate that the number of firms now registered and the scope of AML/ATF compliance requirements in view of the FATF effectiveness expectations is such that the Board will be obliged to take a strict line on deadlines and complete supply of material requested.
In addition to the above, those firms who have not as yet been subjected to formal examination of their procedures may expect shortly to receive letters from the Supervisor concerning desk top reviews, which will commence after receipt of their Policies and Procedures at the time of reregistration.
As you will note the Board has listened to the feedback provided in regards to the portal, as well as the feedback in regards to documents that need to be submitted by entities that were not engaging in regulated activities. The Board has also received further feedback regarding the information being requested from regulated firms. In particular we have fielded a number of queries regarding the reasoning for entities disclosing fee overall revenue information and other related fields. It should be noted that Bermuda currently uses the World Bank Tool for completing the ML/TF National Risk Assessment and details such as the total turnover or total value or amount of all transactions handled by a particular profession are required as a data source for the completion and evaluation of segments of the above-mentioned Tool. As the objective for the collection of this data source is to assist in assessing the importance of a particular profession in Bermuda’s economy compared to other sectors that are also being assessed, it may be likely that the requirement to produce this information will continue to be required by the Board. We can also confirm that this data and all other data collected by the Board remains confidential and any references to same are completely anonymized. Nevertheless, we are in the process of deciding if it is appropriate to remove some of those requirements in the future and will revert in due course. Notwithstanding this exercise, you will still be required to submit all required information as requested for 2021.
Guidance Notes for Web Registration
Annual registration with the AMLATF Board for 2021 will be completed on the new AML/ATF Board Registration Portal which is now active.
Note that the information required is the same information as in previous years, but it is now submitted digitally with the following exception:
- If your company was classified as “Not Regulated” in the previous year, you are simply required to submit the Basic Registration Information, complete the declaration and submit payment.
- If your company was classified as a “Regulated Entity”* in the previous year, you are required to complete the FULL registration process.
* If your company was classified as a “Regulated Entity” in the previous year, and you wish to be re-classified, a written application must be made to the AMLATF Board AFTER completing the FULL registration.
Registration Process
When you first access the portal, it will prompt you to set up a User Account:
Once you complete the User Account information you will be prompted to submit the Basic
Registration Information:
General Information
- Structure & Operations
- Ownership & Control
- Subsidiaries & Affiliates
- Organizational Chart
- Fit & Proper Persons Information (and upload)
- Business Administration
- Non-Regulated Entity Registration
Once this information has been submitted, Companies that are “Not Regulated” can make a Declaration that:
You will then be directed to the formal Declaration page where you will
Declare:
Following the Declaration, you will be directed to the Payment Page where your registration fee can be paid online via credit card or you can indicate how payment will be submitted (online or cheque).
- Regulated Entity Registration
If you are Regulated Entity, you will continue the registration process and submit the balance of the required information:
- Nature of business
- Practice areas
- Teams
- Product types
- Client Transactions
- Upload data
- Review data
- CFO approval
- Financial information
- POCA regulations documents
- Risk data
- Customers
- Transactions
- Geographic
- Channels of delivery
- Suspicious activity
- Declaration
- Payment
Once this information has been submitted, you will make the following Declaration:
Following the Declaration, you will be directed to the Payment Page where your registration fee can be paid online via credit card or you can indicate how payment will be submitted (online or cheque).
AMLATF Board Review
Once the Basic Registration Information has been reviewed and payment received, the AMLATF Board will issue an Annual Registration Certificate, which will expire on December 31st of the registration year.
In conclusion, the Board is keen to work with both CPA Bermuda and Bermuda Bar members to continue building and consolidating a robust and effective regulatory regime. Much work has been done by the Board, the Supervisor Kim Wilson and the Assistant Supervisor Martin Russell to assist registrants and provide the necessary guidance when required. I take this opportunity to thank Warren Cabral who completed his term as Board Chair on 30th June 2020 and helped build a respected AML/ATF supervisory body. I believe that upon successful registration using the new registration portal and continued streamlining of our processes the Board is well placed to meet the regulatory challenges of 2021 and beyond.
For day-to -day queries or if you wish to speak to me or any members of the supervisory team please contact our (new) Technical Officer/Office Manager, Peter Aldrich by email: [email protected] who will be pleased to assist you.
Yours faithfully
Hon. Michael M. Fahy, JP
Chairman of the Board
Chairman's Year End Report
Published: 19 June 2020
Report of the activities of the Barristers & Accountants AML/ATF Board (the “Board”) for the year ending 31st March 2020
This report is published in accordance with Section 5(3)(b) of the Proceeds of Crime (Anti-money Laundering and Anti-terrorist Financing Supervision and Enforcement) Act 2008 (the “Act) for the calendar year ending 31st March 2020.
Click here to view the full report in .PDF format.
Summary
The most significant event of the preceding year is the successful conclusion of the Financial Action Task Force Mutual Evaluation Report (“MER”). This process culminated in a plenary session in Antigua attended by the Supervisor, Kim Wilson. Bermuda overall was awarded the top position worldwide for technical compliance and was among the top ten for effectiveness of supervision. That success embraced the reforms made to the rules and regulations governing the legal and accounting professions referred to in the Board’s reports from preceding years. Those modernised rules cover entry and exit to the professions with requirement for a Fit and Proper Person certification, extended rules for compliance with AML/ATF supervisory directions, emphasised training, and required the ring-fencing of corporate administrative business (which is higher risk), among other things. The MER, in accepting without comment the Board’s new risk-based technical regime, implicitly therefore recognises that the Board meets the technical standards expected by FATF.
As to effectiveness, general observations applicable to all Bermuda’s supervisors in the non-financial sector were made in the MER report. They had the following nature: supervised entities to conduct self-risk analysis; focus on the filing of suspicious activity reports; supervised entities regularly to check their risk methodologies; supervisory understanding of sectoral risk; adequate staffing; training. The Board has already implemented procedures for all these items. In particular, the Board fully revised its supervisory framework and hired additional staff to support the Supervisor. Click here for the full report.
W. Cabral
Chairman
To read the Chairman's report in its entirety please access the link above.
Ministry of Legal Affairs AML/ATF Ministerial Advisory 1 2020
Published: 27 May 2020
The Government of Bermuda's Ministry of Legal Affairs on 12 May 2020 issued a Minsiterial Statement based on updated guidance from FATF on Money Laundering and Terrorist Financing controls in higher risk jurisdictions.
As the nature and level of risk differ between the jurisdictions listed, it is important the advisory and annexes are read in their entirety. Please the below link to the document issued by the Government of Bermuda.
CFATF Launches Research Corner
Published: 04 May 2020
CFATF Releases '101 Series' on Money Laundering & Terrorist Financing
CFATF have released a new research corner featuring both a 'Money Laundering 101' and 'Terrorist Financing 101' series on understanding what they are and how they occur.
Click the links to access the documents, or click here to view them on CTATF's website.