eprivateclient

Conyers' trust arm fined $2.1 million by Bermudan regulator

News Team, 09/05/2022

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...


Continue reading this article...


Start a free trial now for access to breaking news of the regulatory environment and legislative change happening in wealth management.







You are currently not logged in,
login to view the full article
start by clicking this button.





Need a subscription,
fill out the form here or
contact subs@eprivateclient.com


About PAM

PAM Insight is the world’s leading independent provider of essential specialist news, analysis and comparative data for the fast-evolving world of wealth management.

Read more about PAM

Subscribers

eprivateclient is the leading website and news service for private client practitioners, including lawyers, accountants, trustees and fee-based IFAs.

Read more