The Bermuda Monetary Authority (BMA) has levied civil penalties totalling $2.1m on Conyers Trust Company Limited (Conyers) for not complying with either the Trusts Act 2001 or the Corporate Service Provider Business Act 2012.
According to the BMA, Conyers did not adequately comply with a number of requirements of the regulations, including customer due diligence, ongoing monitoring/periodic review, enhanced due diligence, systems, training; and compliance officer.
With respect to the...