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Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Amendment Regulations 2014

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Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Amendment Regulations 2014
FA E R
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AT F
TQUO U

BERMUDA

PROCEEDS OF CRIME (ANTI-MONEY LAUNDERING AND ANTI-TERRORIST
FINANCING) AMENDMENT REGULATIONS 2014

BR 61 / 2014

The Minister responsible for legal affairs, in exercise of the powers conferred by
section 49(3) of the Proceeds of Crime Act 1997 and section 12A of the Anti-Terrorism
(Financial and Other Measures) Act 2004, makes the following Regulations:

Citation
These Regulations, which amend the Proceeds of Crime (Anti-Money Laundering

and Anti-Terrorist Financing) Regulations 2008 (the “principal Regulations”), may be cited
as the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorism Financing)
Amendment Regulations 2014.

Amends regulation 7
Regulation 7 of the principal Regulations is amended by deleting paragraph (2) and

substituting the following─

“Ongoing monitoring” of a business relationship means─

an investigation of transactions undertaken throughout the
course of the relationship (including, where necessary, the source
of funds) to ensure that the transactions are consistent with the
relevant person’s knowledge of the customer, his business and risk
profile;

an investigation into the background and purpose of all complex,
unusually large transactions, or unusual patters of transactions
which have no apparent economic or lawful purpose and record
the findings in writing; and

“(2)

(a)

(b)

1

2

1

PROCEEDS OF CRIME (ANTI-MONEY LAUNDERING AND ANTI-TERRORIST
FINANCING) AMENDMENT REGULATIONS 2014

so far as practicable keeping the documents, data, and
information obtained (including the findings of paragraph (b) of
this paragraph), for the purpose of applying customer due
diligence measures up-to-date.”.

(c)

Amends regulation 15(5A)
Regulation 15(5A) of the principal Regulations is amended by─

inserting next after the words “all documents” the words “and findings”;
and

inserting next after the words “five years” the words “to be available for
competent authorities and auditors.”.

Made this 25th day of July 2014



Minister of Legal Affairs

3

(a)

(b)

2