FCC Flash

Acadia Life Limited and Acadia Life International Limited, both headquartered in Bermuda, have been fined $0.9 million and $0.1 million, respectively, by the Bermuda Monetary Authority (BMA). These entities are registered as Class C insurers authorized to conduct long-term insurance business under the Insurance Act 1978.

In June 2022, the BMA conducted an on-site inspection focused on Anti-Money Laundering/Anti-Terrorist Financing (AML/ATF) measures, revealing significant deficiencies in the companies’ AML/ATF programs and obligations as per the Regulations. Both Acadia Life companies failed to comply with various regulatory requirements, including the implementation of proper AML/ATF governance, the execution of risk assessments, the application of customer due diligence measures, and more.

The imposed penalties were determined based on the nature of the breaches, the size of the businesses, cooperation level, and the effectiveness of timely remediation efforts.