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The Bermuda Monetary Authority fined Allianz.

Allianz life Bermuda Limited has been fined $ 1.7m by Bermuda Monetary Authority (BMA) for significant branches of anti-money laundering and Anti-terrorist financing regulation and its go into liquidation.

The Bermuda Monetary Authority (BMA) cited the insurance’s significant branches as proceeds of crime in its release. Act 2008 and Section 32 A of the Insurance Act 1978 with respect to significant branches of the proceeds of the Crime Regulation 2008 International Sanctions Regulation 2013 and long-standing and persistent branches of the Insurance Act

The Bermuda Monetary Authority said the company has accepted its findings and has consented to and paid civil penalties. The company is further required to continue its plan to cancel its registration on that insurance act and common liquidation proceedings.

According to BMA, the company has failed to adequately comply with the regulation in various areas, including systems, customer due diligence, and independent audit functions. the branch and deficiencies were identified during the onsite review

Allianz Life was incorporated into Bermuda in 1976.  It has been licensed as an insurer since 1981. It held a class 3 license and a long-term Class C license and was engaged in insurance and reinsurance of life and long-term risk, written outside Bermuda.

Bermuda monetary authorities have not found any evidence of money laundering or terrorist financing. The BMA requires the company to remediate its findings within the prescribed period, but this was not completed to the authority’s satisfaction.

The BMA said the company had demonstrated a pattern of non-compliance with the Insurance Act, which contributed in part to Allianz Life’s failure to have a resident director in Bermuda at all times, and that no regular Bermuda decision-making meetings or management to ensure that the company’s annual filings under the Insurance Act were adequate, accurate and timely.

Where BMA also added that the authority determined that the company’s corporate administration was not being carried out with a professional skill appropriate to the natural scale and complexity of its activities

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