BMA Fines Estera Services (Bermuda) Limited

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June 14, 2019

The Bermuda Monetary Authority (the Authority) has imposed civil penalties totalling $500,000 on ESTERA SERVICES (BERMUDA) LIMITED (the Company) pursuant to the provisions of sections 29A and 33B of the Trusts (Regulation of Trust Business) Act 2001 (the Act).

The civil penalties have been imposed for the Company’s failure to adequately comply within a specified time frame with certain requirements of the Proceeds of Crime (Anti-Money Laundering & Anti-Terrorist Financing) Regulations 2008 (the Regulations), and specifically the regulations relating to the application of Customer Due Diligence and Enhanced Due Diligence, internal controls, and risk assessment.