AML FAQ session held in Bermuda | KPMG | BM
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KPMG in Bermuda, BMA and NAMLC host over 100 at AML FAQ session

AML FAQ session held in Bermuda

KPMG in Bermuda hosted over 100 professionals from across Bermuda’s Banking, Insurance, Investment, and Legal sectors at a Q&A panel session.


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Head of Advisory

KPMG in Bermuda


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KPMG in Bermuda hosted over 100 professionals from across Bermuda’s Banking, Insurance, Investment, and Legal sectors at a Q&A panel session on Tuesday, May 2, 2017, at the Trade Winds Auditorium of the BUEI.

Panellists from the Office of the National Anti-Money Laundering Committee (NAMLC) and the Bermuda Monetary Authority (BMA) responded to questions from industry in relation to the updated Anti-Money Laundering and Anti Terrorist Financing regulations and guidance notes.

With a look forward to Bermuda’s Mutual Evaluation in 2018 and the island’s progress on developing the National Risk Assessment, many questions were submitted in advance of the event and the interactive session also invited questions from the audience who were seeking clarity on regulatory compliance topics including; application of Source of Funds and Source of Wealth verification, Anti-Terrorist Financing measures, reliance on third parties in equivalent jurisdictions, AML/ATF independent audit requirements, and licensing of Corporate Service Providers.

The panel was moderated by KPMG Managing Director, Charlie Thresh, and included:

  • George Pickering, Senior Advisor at the BMA
  • Shauna MacKenzie, Director, Policy, Legal & Enforcement at the BMA
  • Katie Duguay, Principal, AML Supervision at the BMA
  • Paula Tyndale, National Coordinator, Ministry of Legal Affairs, Office of the NAMLC

Discussion covered a wide range of topics, including industry’s role in the forthcoming Mutual Evaluation, issues related to implementing the updated AML regulations and interpreting the guidance notes, an issue that impacts not only regulated entities, but the Bermuda economy as a whole. Recent changes reflect tightening global standards, including the need to provide more stringent verifications of identity and sources of wealth to Bermuda financial institutions.

KPMG in Bermuda is also coordinating a Frequently Asked Questions document related to the topics covered in the session.

For further information on the FAQs, AML compliance or the regulations, please contact Charles Thresh, Managing Director, KPMG in Bermuda.

© 2019 KPMG, a group of Bermuda limited liability companies which are member firms of the KPMG network of independent member firms affiliated with KPMG International Coopertive (“KPMG International”), a Swiss entity. All rights reserved.

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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