BMA fines life re/insurer $900,000 for compliance failures

The Bermuda Monetary Authority has fined Acadia Life $900,000 for failing to comply with anti-money laundering regulations.

The BMA said Acadia Life, a Class C long-term insurer, had failed to adequately comply with certain obligations imposed on it under the Proceeds of Crime (Anti-Money Laundering & Anti-Terrorist Financing) Regulations 2008.

It added: “Following the Anti-Money Laundering/Anti-Terrorist Financing (AML/ATF) on-site inspection conducted by the Authority in June 2022, a number of deficiencies were identified relating to the Company’s AML/ATF programme and its obligations under the Regulations.“

Acadia Life describes itself as providing services to sophisticated international clients through innovative private placement insurance products.

Its contact information is given as care of Marsh Management Services (Bermuda), located in the Power House on Par la Ville Road in Hamilton.