Bermuda long-term insurer hit with regulatory fine

A Bermuda-based long-term insurer has been hit with a regulatory fine of over $900,000 for failing to comply with anti-money laundering regulations.

The Bermuda Monetary Authority has levied civil penalties totalling $900,000 on Acadia Life, an entity registered by the authority as a Class C insurer, to carry on long-term insurance business.

Additionally, the BMA has levied civil penalties of $100,000 on Acadia Life International.

“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),” the regulator said in a statement.

“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,” the BMA added.

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