First Bermuda Responds To BMA Notice

Calling the events “unfortunate”, Eugene Bean, Chairman of the First Bermuda Group Ltd. [FBG] responded to the Bermuda Monetary Authority [BMA] decision notice saying that “The specific regulations of which we were in breach related to current customer contact and photo ID details, ongoing monitoring of customer relationships, the effective implementation of our Policies and Procedures Manual and staff training on Anti-Money Laundering and Anti-Terrorist Financing regulations.”

Mr Bean thanked their clients for assisting FBG in providing the necessary customer identity documents and taking their requests seriously to ensure they are now compliant with the new Proceeds of Crime Regulations. FBG were fined $100,000 by the BMA for being in breach of anti-money laundering regulations.

Full statement below:

FBG is committed to working with our regulators to ensure a financial environment of the highest standard. FBG wishes to thank the BMA for allowing us to reach a quick settlement and conclusion to these unfortunate events.

The Bermuda Monetary Authority has recognized the extent and significance of the remedial efforts initiated by FBG and that there was no evidence of money laundering attached to any account. As stated by the BMA, FBG deposits remain safe. We believe we now adhere to the very highest principles of Anti-Money Laundering and Anti-Terrorist Financing regulations.

The specific regulations of which we were in breach related to current customer contact and photo ID details, ongoing monitoring of customer relationships, the effective implementation of our Policies and Procedures Manual and staff training on Anti-Money Laundering and Anti-Terrorist Financing regulations.

We would like to thank our clients for assisting FBG in providing the necessary customer identity documents and taking our requests seriously to ensure we are now compliant with the new Proceeds of Crime Regulations. The financial position of First Bermuda Group remains strong as reflected in our financial statements attached.

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Category: All, Business