The Bermuda Monetary Authority is set to hold a series of awareness sessions on Bermuda's anti-money laundering regulations targeting the Island's financial industry.

The seminars are designed to educate firms within the financial services sector about their legal obligations under Bermuda's new anti-money laundering/anti-terrorism financing (AML/ATF) laws, and assist them to ensure they are fully compliant.

Bermuda's AML/ATF provisions were upgraded when legislation was passed by Parliament in 2008. The Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008, provided the BMA with powers to monitor financial firms' compliance with the new regulations. It also facilitates the regulator taking enforcement action in relation to firms that are non-compliant.

Thomas Galloway, senior counsel and head of the BMA's AML compliance unit, said: "Monitoring firms' compliance with the jurisdiction's AML provisions is a key component of the Authority's supervisory programme.

"In order to ensure that high standards are maintained in the Bermuda marketplace we are offering this series of information sessions to assist firms with being fully aware of and understanding their obligations under the new rules."

The sessions will cover everything from AML legislative changes, and a brief explanation of the Authority's supervisory programme to customer due diligence and reliance on third parties. In addition, there will be a question and answer session.

The three seminars will be held tomorrow for investment funds and fund administrators, on Tuesday November 23 for trust service providers, and Tuesday December 7 for investment businesses.

Interested parties can RVSP and send questions via e-mail to aml@bma.bm