BERMUDA: ALLIANZ LIFE BERMUDA LIMITED FINED AND DELISTS

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.

https://www.royalgazette.com/re-insurance/business/article/20210812/bermuda-monetary-authority-fines-allianz-life-bermuda-limited

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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