Securing Regulatory Compliance

Regulatory compliance continues to be an area of significant development in Bermuda. While anti-money laundering (AML), anti-terrorist financing (ATF) and global financial sanctions have been in focus for some time, the regulatory compliance landscape has grown in recent years due to the implementation of economic substance requirements, the introduction of the Global Minimum Tax and the impending full implementation of Personal Information and Protection Act (PIPA).

Bermuda's ever evolving financial environment requires the regulated sectors to implement effective measures, policies and procedure to fulfill regulatory requirements, failing which entities are at risk of significant consequences (both civil and criminal). A number of regulatory regimes are actively enforced in Bermuda by regulators, including: the Bermuda Monetary Authority (BMA), Registrar of Companies (ROC) and the Financial Sanctions Implementation Unit (FSIU), all of whom have statutory mandates.