KPMG Hosts Successful AML/ATF Forum
Building on the success of the AML/ATF “refresher” training sessions run late in 2011 and earlier this year, KPMG in Bermuda hosted over 90 local attendees for their inaugural Anti-money laundering (AML) / anti-terrorism finance (ATF) Forum.
Attendees discussed developments in international AML/ATF and sanctions practices and their link to the recent US Foreign Account Tax Compliance Act (“FATCA”); common compliance deficiencies in AML/ATF regulated financial institutions, and; topics surrounding Money Laundering and Terrorist Financing from the perspective of the Bermuda Police Service.
AML Panel – Inspector Ian Grant Tomkins, BPS; Thomas Galloway, BMA; Jarion Richardson, Appleby; Laurence Birnbaum-Sarcy, KPMG LLP; Charles Thresh, KPMG Advisory Limited, Bermuda:
The event was facilitated by Charles Thresh, Managing Director, KPMG Advisory, Bermuda, with introductory presentations on the various topics given by Laurence Birnbaum-Sarcy, Managing Director, KPMG LLP, USA; Jarion Richardson, Senior Compliance Officer, Appleby (Bermuda) Limited; and Inspector Ian Grant Tomkins, Financial Crime Unit, Bermuda Police Service.
Following the presentations portion, KPMG representatives facilitated sector-specific roundtable discussions on AML/ATF issues affecting the Insurance, Trusts & Funds, and Investment & Banking sectors – the results of which were presented back to the Panel for further analysis during a Q&A session.
Charles Thresh addressing AML/ATF seminar attendees:
Tom Galloway of the Bermuda Monetary Authority featured on the speakers’ Q&A panel and outlined the BMA’s AML/ATF agenda in the lead up to the anticipated late 2014 inspection of Bermuda’s AML/ATF regime by the International Monetary Fund.
The speakers and the vigorous debate in the roundtable discussions demonstrated that Anti-Money Laundering and Sanctions compliance matters continue to be top of mind in the Financial Services industry in Bermuda, as they are across the globe.
AML programs are also expected to be leveraged for FATCA compliance, suggesting that robust AML/ATF procedures will prove to be an advantage in preparing for FATCA’s “go live” date of 1 January 2013.
