The Bermuda Monetary Authority (BMA) has levied penalties of $400,000 on Crown Global Life Insurance Ltd. and Crown Global Life Insurance (Bermuda) Ltd. under the territory’s AML/CFT laws.
The companies failed to adequately comply with several BMA requirements. These requirements were related to customer due diligence, enhanced due diligence, business relationship monitoring, record-keeping, AML/CFT policies, compliance officers, etc.
The BMA identified these violations during an on-site review of the Companies’ activities in November 2018. The BMA had asked the Companies to address the identified issues by 31 July 2019. However, the companies were unable to address the issues to the BMA’s satisfaction.
Source: Bermuda Monetary Authority