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ARTICLE · 19 DECEMBER 2022

Legislative And Regulatory Developments In Bermuda For Q3 2022

Carey Olsen
Carey Olsen
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This report provides a summary of important legislative and regulatory developments in Bermuda for the quarter ended 30 September 2022. For this quarter, we focus on developments...

BermudaFinance and Banking
Matthew Grigg
Matthew Grigg
Gavin Woods
Gavin Woods
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This report provides a summary of important legislative and regulatory developments in Bermuda for the quarter ended 30 September 2022. For this quarter, we focus on developments in the following sectors: Anti-Money Laundering ("AML")/Anti-Terrorist Financing ("ATF") and Sanctions; Banking; Digital Assets; Employment and Immigration; Insurance; Investment Business; Telecoms/Utilities; and General Legal/Regulatory Reforms.

AML/ATF AND SANCTIONS

The Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 provide that the Bermuda regulated sectors and relevant persons must apply enhanced customer due diligence to customers in high-risk jurisdictions. On 12 July 2022, the Minister of Legal Affairs and Constitutional Reform issued the AML-ATF Advisory 2/2022 ("Advisory") highlighting the following high-risk countries:

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