24 August 2023
HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) has levied civil penalties totalling $100,000 on Acadia Life International Limited (Company), an entity registered by the Authority under the Insurance Act 1978 (Insurance Act) as a Class C insurer to carry on long-term business.
The civil penalties have been levied on the Company for failures to adequately comply with certain obligations imposed on it under the Proceeds of Crime (Anti-Money Laundering & Anti-Terrorist Financing) Regulations 2008 (Regulations).
