Upload
britton-gilbert
View
214
Download
0
Tags:
Embed Size (px)
Citation preview
INFORMATION PRESENTATION NOVEMBER 2011
Barristers & Accountants AML/ATF Board
Regulatory Framework
Requirements for Regulated Persons
Registration
Onsite Visits
Offences and Penalties
Consultation Process
Established pursuant to S.25A of the Bermuda Bar Act 1974 and Section 8A of the Institute of Chartered Accountants of Bermuda Act 1973
Chairman and 6 members
Supervisor
Supervisory authority for independent professionals ( as defined in Reg. 2 Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008
Minister may designate professional body under S.4 Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008 as supervisory authority once satisfied that Board is able to discharge effectively duties under S.5of that Act
Monitor effectively the persons it is responsible for (independent professionals)
Issue Guidance as to compliance with AML/ATF Regulations
Take necessary measures to ensure compliance with the requirements of the Proceeds of Crime Act, the Anti-Terrorism (Financial and Other Measures ) Act 2004 and AML/ATF Regulations
Report to the FIA any suspicion that a person it is responsible for supervising has engaged in money laundering or terrorist financing
To require information and documents (Section 30D)
No requirement to provide or produce information or answers to questions which firm would be entitled to refuse to provide, produce or answer on grounds of LPP S.30 D(6)
To conduct site visits (Section 30E) – can come in and inspect premises, information where there is reasonable cause to believe premises are being used by a regulated professional firm in connection with their business
Issue directives (S. 30H)
Impose civil penalties (S. 30I)Fine not exceeding $250,000.00Failure to comply with directive issued under
S.30HFailure to comply with AML/ATF RegsConsideration given to whether firm followed
Guidance issued by the Board Procedure set out in S.30J
Proceeds of Crime Act 1997 Proceeds of Crime (Anti-Money Laundering
and Anti-Terrorist Financing) Regulations 2008
Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement ) Act 2008
Anti-Terrorism (Financial and Other Measures) Act 2004
Financial Intelligence Agency Act 2007
Bermuda Bar Act 1974
Institute of Chartered Accountants of Bermuda Act 1973
Guidance Notes on the Prevention and Detection of Money Laundering and the Financing of Terrorism issued by the Barristers & Accountants AML/ATF Board
Relevant person defined in Reg. 2 of the AML/ATF Regulations as a person to whom Reg. 4 of the AML/ATF Regulations applies
Reg. 4 AML/ATF Regulations applies to
independent professionals also defined in Reg. 2 of AML/ATF Regulations
Only required to have systems in place where conducting regulated activities
Regulated activities will include:Buying and selling real property;Managing client monies, securities and other
assets;Management of bank, savings or securities
accounts;Organisation of contributions for the creation,
operation, or management of companies;Creation, operation or management of legal
persons or arrangements, and buying and selling business entities
Compliance with key AML/ATF Regulations:
Reg 6 – Customer Due Diligence Reg 7 – Ongoing Monitoring Reg 8 – Timing of verification Reg 9 – Requirement to cease transactions Reg 11 – Enhanced Due Diligence Reg 15 – Recordkeeping Reg 16 – Systems Reg 17 – Internal Reporting Reg 18 - Training
Registration form
Requirement under S.30B of SEA Act to establish and maintain a register of regulated professional firms
Forms to be distributed in December 2011 with return date to Supervisor prior to February 29, 2012
Confirmation from Board before March 31, 2012 as to status
Preliminary round of visits after July1, 2012
Selection of firms to be chosen based on size, nature of business activities etc.
Notice to be given of scheduled dates by May 31, 2012
Supervision within a group structure by more than one supervisory body – can cooperate with each other BMA/Board
Section 43 – Concealing
Section 44 – Assisting in the retention of
proceeds of crime
Section 45 – Acquisition of proceeds of crime
Section 46 – Failure to disclose knowledge
Section 47 – Tipping Off
Assisting/ Concealing/Acquisition:◦ Summary Conviction – 5 years imprisonment
and/or $50,000.00 fine◦ Indictable Conviction – 20 years imprisonment
and/or unlimited amount in fines
Failure to Disclose knowledge/Tipping Off:◦ Summary Conviction – 3 years imprisonment
and/or $15,000.00 fine◦ Indictable Conviction – 10 years imprisonment
and/or unlimited fine
Penalties for breaches of AML/ATF Regulations:Regulation 19
◦ Summary Conviction –$50,000.00 fine◦ Indictable Conviction –$750,000.00 and or 2 years
imprisonment
Civil Penalty for breach of AML/ATF Regulations or failure to comply with a directive issued under S.30H of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorism Financing Supervision and Enforcement) Act 2008:
Fine not exceeding $250,000.00
Visits to firms held during first quarter 2012
Meetings with Bar Council and Council of ICAB
Additional Training sessions
Contact details for Supervisor:Cheryl-Ann MappE-mail: [email protected]: 292-5637