The Bermuda Attorney-General and Minister of Justice has issued AML-ATF Advisory 2/2026 highlighting risks in a number of jurisdictions with inadequate controls to combat money laundering and terrorist financing. The update directs Bermuda's regulated sector and other relevant persons to the requirement to apply enhanced customer due diligence to high-risk countries under the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008. Under Regulation 11(1)(aa), enhanced due diligence must be applied on a risk-sensitive basis to business relationships where a person or transaction is from or in a country identified as higher risk by the Financial Action Task Force or the Caribbean Financial Action Task Force. Regulation 11(1)(ab) separately requires enhanced due diligence where a person or transaction is from or in a country presenting higher risks of money laundering, corruption or terrorist financing, or where it is subject to international sanctions.
Ministry of Finance (Bermuda)2026-07-23
Bermuda Attorney-General issues AML-ATF advisory on enhanced due diligence for higher-risk jurisdictions
The Bermuda Attorney-General and Minister of Justice issued AML-ATF Advisory 2/2026 on risks linked to higher-risk jurisdictions with inadequate anti-money laundering and counter-terrorist financing controls. It reiterates that regulated firms and other relevant persons must apply enhanced customer due diligence on a risk-sensitive basis where customers or transactions involve countries identified as higher risk by the Financial Action Task Force or the Caribbean Financial Action Task Force, or jurisdictions posing elevated money laundering, corruption, terrorist financing or sanctions risks.