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Press Release - Bermuda Monetary Authority Fines Allianz Life Bermuda Limited

August 12, 2021

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority) has imposed civil penalties totalling $1,700,000 on ALLIANZ LIFE BERMUDA LIMITED (Company) pursuant to sections 20 and 24A of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008 (POCA SEA) and section 32A of the Insurance Act 1978 (Insurance Act) with respect to significant breaches of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 (Regulations), International Sanctions Regulations 2013 (Sanctions) and longstanding and persistent breaches of the Insurance Act. The Company has consented to the imposition of these civil penalties.

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