Your web browser is out of date. Update your browser for more security, speed and the best experience on the Bermuda Monetary Authority.

Bermuda Monetary Authority Levies Civil Penalties On Acadia Life Limited

24 August 2023

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) has levied civil penalties totalling $900,000 on Acadia Life 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 insurance 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). Following the Anti-Money Laundering/Anti-Terrorist Financing (AML/ATF) on-site inspection conducted by the Authority in June 2022, a number of deficiencies were identified relating to the Company’s AML/ATF program and its obligations under the Regulations. 

feedback icon