The Bermuda Monetary Authority has fined two life insurers – Crown Global Life Insurance Ltd. and Crown Global Life Insurance (Bermuda) Ltd. – US$400,000 for various anti-money laundering failings according to the press release.
Crown Global Insurance Group LLC offers variable life insurance and annuity policies for high-net-worth and institutional clients and has offices in Delaware, Florida, Switzerland, Bermuda and the Cayman Islands.
The Bermuda regulator imposed the civil penalties on the companies for failing to apply customer due diligence and enhanced due diligence, and failing to monitor business relationships.
The companies also did not comply with Bermuda’s Proceeds of Crime (Anti-Money Laundering & Anti-Terrorist Financing) Regulations in other areas, including the timing of verification; outsourcing; record-keeping; compliance officer, anti-money laundering/anti-terrorist financing (AML/ATF) policies and procedures; and independent audit functions, the authority said in a press release.
The BMA said in determining the $400,000 fine it took into account the nature of the breaches as well as the companies’ cooperation and improved processes and procedures since the regulator’s on-site review.Recommend0 recommendationsPublished in