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Anti-money laundering and sanctions compliance matters continue to be prevealent in the Financial Services industry in Bermuda.

KPMG will be hosting four Annual AML Round Tables starting on Wednesday October 2, 2013. The industry specific sessions include:

• Bermuda Insurance Industry AML Roundtable — 9am to 11am on Wednesday, October 2, 2013 
• Bermuda Banking Industry AML Roundtable — 3pm to 5pm on Wednesday, October 2, 2013 
• Bermuda Investments Industry AML Roundtable — 9am to 11am on Thursday, October 3, 2013
• Bermuda Trusts Industry AML Roundtable 3pm to 5pm on Thursday, October 3, 2013. Charles Thresh, managing director, KPMG Advisory Limited will be the facilitator of the event. The cost to attend is $350 per person, and limited space remains to register attendance for any of the roundtable sessions. Registration covers one of the industry specific, AML Round Table Events, and one of the MLRO training sessions to follow later on in the year. 

Liability Insurance

The Institute of Directors (IoD) Bermuda branch hosted a presentation and panel discussion on Directors and Officers Liability Insurance (D&O) to its members and invited guests.

The seminar covered the increasing responsibility, accountability and the potential liability that directors and officers are facing in today’s business environment, as well as the insurance coverage available to cover these liabilities.

IoD Chairman Roger Gillett said: “Most company Bye-Laws undertake to indemnify their directors should they be sued for the way in which they ran the company.

“However, without insurance protection, a company is left to fund a director’s defence from its own resources.

If the company is unable to do this, then the director is left to pick up the costs on his own. “This morning’s presentation was a lively discussion about how an insurance policy can help provide financial assistance to a company to help defend its directors and senior officers should they find themselves in such a situation.”

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