{"id":827,"date":"2025-01-02T05:49:30","date_gmt":"2025-01-02T09:49:30","guid":{"rendered":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/?p=827"},"modified":"2025-01-02T05:49:32","modified_gmt":"2025-01-02T09:49:32","slug":"bermuda-trust-company-fined-600000-for-sanctions-and-aml-compliance-failings","status":"publish","type":"post","link":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/2025\/01\/02\/bermuda-trust-company-fined-600000-for-sanctions-and-aml-compliance-failings\/","title":{"rendered":"Bermuda &#8211; trust company fined $600,000 for sanctions and AML compliance failings"},"content":{"rendered":"\n<p>On 30 December the <a href=\"https:\/\/www.bma.bm\/viewPDF\/documents\/2024-12-30-11-58-40-Notice---Enforcement-Action---Civil-Penalties---Meritus-Trust-Company-Limited.pdf\">Bermuda Monetary Authority announced<\/a> the imposition of a fine of $600,000 on Meritus Trust Company Limited for a series of AML and sanctions compliance failings.<\/p>\n\n\n\n<p>In terms of sanctions compliance the failing was specified as &#8220;<em>An overreliance on manual processes to implement international sanctions policies and procedures and sanctions screening<\/em>&#8220;.<\/p>\n\n\n\n<p>The BMA&#8217;s on-site investigation was commenced in June 2022 and the company was then given a deadline of July 2023 to complete the necessary remediation. The BMA was satisfied with the company&#8217;s efforts and noted a number of mitigating factors such as a low risk of loss to clients, co-operation, the remediation efforts, and the company&#8217;s overall culture of compliance.<\/p>\n\n\n\n<p>This is a rare example of a sanctions enforcement fine being imposed in one of the UK&#8217;s overseas territories or crown dependencies. The only other example known (to this blog) are the fines and other punishments imposed in <a href=\"https:\/\/www.gfsc.gg\/news\/bordeaux-services-guernsey-limited-peter-gordon-radford-neal-anthony-meader-geoffrey-robert\">Guernsey in 2015\/2016<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 30 December the Bermuda Monetary Authority announced the imposition of a fine of $600,000 on Meritus Trust Company Limited for a series of AML and sanctions compliance failings. In terms of sanctions compliance the failing was specified as &#8220;An overreliance on manual processes to implement international sanctions policies and procedures and sanctions screening&#8220;. The &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/2025\/01\/02\/bermuda-trust-company-fined-600000-for-sanctions-and-aml-compliance-failings\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Bermuda &#8211; trust company fined $600,000 for sanctions and AML compliance failings&#8221;<\/span><\/a><\/p>\n","protected":false},"author":656,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[79,95,71],"tags":[94,20,12],"ppma_author":[7],"class_list":["post-827","post","type-post","status-publish","format-standard","hentry","category-79","category-95","category-financial-services","tag-bermuda","tag-financial-sanctions","tag-fine"],"authors":[{"term_id":7,"user_id":656,"is_guest":0,"slug":"mhandley","display_name":"Mark Handley","avatar_url":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-content\/uploads\/sites\/65\/2023\/09\/handleymark-100x100.jpg","0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":"","8":""}],"_links":{"self":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/posts\/827","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/users\/656"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/comments?post=827"}],"version-history":[{"count":0,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/posts\/827\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/media?parent=827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/categories?post=827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/tags?post=827"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/ppma_author?post=827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}