BMA: Fine Reflected ‘Serious Nature of Breaches’

The Bermuda Monetary Authority [BMA] says while no evidence of money laundering was discovered during its recent investigation of the First Bermuda Group, the $100,000 fine levied against the firm in September reflected the “serious nature” of its breaches of Bermuda’s tough new Proceeds of Crimes Regulations. In its latest regulatory update, the BMA said the authority […]

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