Oyster Consultant Gives Lecture To Bermuda Bar

March 2, 2016

Oyster Consulting Bermuda Ltd consultant Henry M. Komansky presented a CLE lecture to the Bermuda Bar Association on February 17 in order to discuss changes to Bermuda’s Anti-Money Laundering/Anti-Terrorist Financing requirements.

A spokesperson said, “On January 1, 2016, the long-pending Bermuda Proceeds of Crime Amendment Act 2015 became law. There have been changes made to Bermuda’s Anti Money Laundering/Anti-Terrorist Financing [AML/ATF] requirements in a number of areas including: Client Due Diligence [CDD], outsourcing of AML/ATF functions, and the consent provisions related to the filing of Suspicious Activity Reports [“SARs”].

“The Act also created a new category of Domestic PEP [DPEP] and mandates that a separate AML/ATF audit be conducted.

“The regulators in Bermuda are working hard to ensure our AML/ATF regulatory regime is in line with the new FATF 40 Recommendations, and to demonstrate that Bermuda has a culture of AML/ATF compliance leading up to our projected 2018 Mutual Evaluation by the Caribbean Financial Action Task Force.

“As a result, entities in Bermuda’s regulated sectors are being placed under increased regulatory scrutiny,” said Oyster Consultant Henry Komansky.”

“Komansky joined the financial services consulting firm in 2015 and brings more than a decade of expertise in international financial services arenas. In addition to his experience as a Chief Compliance Officer, Komansky has extensive depth with AML and CFT regulation as an attorney, a MLRO and as Head of Analysis for the Bermuda Financial Intelligence Agency.

“Komansky has been called to the bar in the U.S., Bermuda and as a Solicitor in England and Wales. He also has criminal and investigatory experience as a criminal prosecutor and federal investigator in the US.”

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