Bermuda launched a public awareness campaign this year that calls on residents to join a national effort to combat global financial crime.
The “Just Good Business” campaign (http://www.goodbusiness.bm/) highlights efforts underway by the government, responsible authorities, and Bermuda-based international and local businesses to ensure the island meets the highest standards for anti-money-laundering (AML) and anti-terrorist-financing (ATF).
The campaign is supported by the National Anti-Money Laundering Committee (NAMLC), Bermuda Monetary Authority (BMA), and Bermuda Business Development Agency (BDA), along with numerous major industry groups. These include: the Association of Bermuda International Companies (ABIC), the Association of Bermuda Insurers & Reinsurers (ABIR), the Bermuda Bankers Association (BBA), the Bermuda International Long Term Insurers & Reinsurers (BILTIR), Bermuda Insurance Management Association (BIMA), Bermuda Chamber of Commerce, and the Bermuda Stock Exchange (BSX).
As well as educating on the importance of AML/ATF measures—such as filling out “Know Your Customer” (KYC) documentation at banks and other paperwork—the campaign is also a call to action: individuals and organisations are encouraged to find out what their legal obligations are and to report suspicious financial activity. Authorities depend on this information, known as “suspicious activity reports,” or “SARS.”
How do you recognise suspicious activity? Here are some signs:
- If you work in a money service business and a customer makes regular transactions by cash to different recipients
- If your customer doesn’t know the recipient or purpose of their transaction or only wants to see a particular “friendly” teller/employee
- If you work in property/car insurance and a customer cancels insurance and seeks a cheque as reimbursement after paying in cash
- If you work in the travel industry and a client pays for high-price tickets last minute and in cash
To file a SAR, in confidence, please contact the Financial Intelligence Agency (FIA) at 441/292-3422 or https://www.fia.bm.
This article was featured in the May 2018, RG Business Magazine.
