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Bermuda Monetary Authority Levies Civil Penalties On Acadia Life International Limited Supervision And Regulation

24 August 2023

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) has levied civil penalties totalling $100,000 on Acadia Life International Limited (Company), an entity registered by the Authority under the Insurance Act 1978 (Insurance Act) as a Class C insurer to carry on long-term business.

The civil penalties have been levied on the Company for failures to adequately comply with certain obligations imposed on it under the Proceeds of Crime (Anti-Money Laundering & Anti-Terrorist Financing) Regulations 2008 (Regulations).


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