In this episode of #TechTalks, the spotlight turns to one of the most important aspects of any Digital Asset Business Act (DABA) licence application: anti-money laundering compliance. George McCallum and Karim Creary, lawyers in Appleby’s #Bermuda Technology practice who specialise in advising on DABA licensing matters, are joined by Jarion Richardson, Appleby’s Regulatory, Governance & Compliance Advisory Lead and a highly experienced AML specialist, to offer an insightful look at Bermuda’s AML framework and the regulatory expectations facing prospective applicants.
The discussion explores the policies, procedures and governance frameworks applicants are expected to establish, as well as how the Bermuda Monetary Authority (BMA) assesses the strength and effectiveness of an AML programme. The trio also consider the key personnel and reporting obligations involved, alongside important requirements relating to customer due diligence, ongoing monitoring and outsourcing arrangements.
Drawing on Jarion’s specialist regulatory compliance experience, the conversation provides practical insight into common pitfalls and misconceptions that can arise when preparing an AML programme. Together, George, Karim and Jarion offer prospective applicants a valuable overview of what to expect during the regulatory assessment process and why a robust, carefully considered AML framework is essential from the outset.
About Appleby
The Appleby podcasts discuss topics and trends across the legal and financial sectors. Find out more from our multi-jurisdictional experts, in our various podcast series including ‘Bermuda Shorts’ and ‘Asia Talks’. Appleby is one of the world’s leading international law firms. Our global teams of legal specialists advise public and private companies, financial institutions and private individuals. We are a full service law firm providing comprehensive, expert advice and services across corporate, dispute resolution, private client and trusts, property and regulatory practice areas. We have offices in eleven highly regarded, well-regulated global locations and practise the laws of eight jurisdictions. Our office locations include the key international jurisdictions of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, the Isle of Man, Jersey, Mauritius and the Seychelles,...
