Intelligence

On 30 December the Bermuda Monetary Authority announced the imposition of a fine of $600,000 on Meritus Trust Company Limited for a series of AML and sanctions compliance failings.

When Russia invaded Ukraine on 22 February 2022 most Bermudian residents did not think it would have much impact to the island.

Bermuda-based companies undertaking business with Russian entities must comply with the island's sanctions regime, which has expanded significantly since the beginning of the war in Ukraine.

Bermuda entities should carefully assess their business in light of rapidly evolving financial and trade sanctions imposed against Russia following the invasion of Ukraine in February 2022.

Financial sanctions are enforcement measures used by the international community to achieve, maintain or restore international peace and security in a specified regime.

In the ever-changing world of politics and their related global financial sanctions, it is imperative that businesses understand the financial sanctions