AML Audits

All AML/ATF regulated entities in Bermuda must complete an independent AML Audit in accordance with Regulation 17(A) of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008. We can ensure you meet this annual requirement and provide you with a Report that will satisfy regulatory standards.

Regulators (as well as the Board of well-run organizations) want to see that the AML systems that are in place are designed appropriately and executed effectively.  For this reason regulators, including the Bermuda Monetary Authority, want firms under their oversight to implement an independent AML Audit.

All of us that work within Bermuda want Bermuda to continue being a well-respected place to do business.  To that end, the companies that work within Bermuda should do what they can to protect the reputation of Bermuda as one of the leading countries with regard to AML.

Notwithstanding the regulatory requirement, an independent AML audit is seen by many firms as the third line of defense in combatting Anti-Money Laundering and Anti-Terrorist Financing. Failure to have an effective AML program could result in legal, operational, and reputational risks. So, as well as criminal and civil penalties, and adverse media, an effective AML program could result in improved operations.

An effective AML program might also result in efficiencies for your company.  We can help you assess whether your resources in tackling AML are being allocated using a sensible risk-based approach.  A good AML program focuses resources where it is needed most while still ensuring that inherent risk is mitigated to an acceptable level.

Graham MacDonald, our Managing Director has the Certified Anti-Money Laundering Specialist (CAMS) designation.  Graham will oversee all AML audits to ensure that they are carried out in accordance with the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008, and, where possible, provide advice on how to make your AML program more effective and efficient.