On 12 August, the Royal Gazette reported that the Bermuda Monetary Authority has imposed civil penalties totalling $1,7 million on the insurer for significant breaches of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 (Regulations), International Sanctions Regulations 2013 (Sanctions) and long-standing and persistent breaches of the Insurance Act. In addition, Allianz Life Bermuda Limited was cancelling its Bermuda registration and going into liquidation.
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