Proceeds of Crime Amendment Act 2022

What this bill does

This bill updates Bermuda's anti-money laundering laws to include digital assets (like cryptocurrencies) and digital asset businesses under the same rules that apply to traditional financial institutions. It also brings credit unions under these anti-money laundering regulations and makes some technical updates to how wire transfers are described.

If passed (voted YES)

• Digital asset businesses (cryptocurrency companies) will have to follow the same anti-money laundering rules as banks, including reporting suspicious transactions and verifying customer identities
• Credit unions will be subject to anti-money laundering oversight and must comply with the same financial crime prevention measures as other financial institutions
• Insurance companies and digital asset businesses will need to take extra precautions when dealing with politically exposed persons (people in prominent public positions)

If rejected (voted NO)

• Digital asset businesses would continue operating without formal anti-money laundering requirements, potentially creating gaps in Bermuda's financial crime prevention system
• Credit unions would remain outside the formal anti-money laundering regulatory framework
• Current inconsistencies in how different types of financial transfers are regulated would continue

Who it affects

This primarily affects digital asset/cryptocurrency businesses, credit unions, insurance marketplace providers, and their customers who will experience enhanced verification procedures. It also impacts law enforcement and regulators who will have broader oversight powers over financial transactions.