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.
