Does the US Patriot Act have any impact on Bastion Life?
The Cayman Islands is a member of the Caribbean Financial Action Task Force (CFATF), which is an organization of thirty states of the Caribbean Basin, which have agreed to implement common countermeasures to address the problem of criminal money laundering. It was established as the result of meetings convened in Aruba in May 1990 and Jamaica in November 1992. In addition, because Bastion is insuring U.S. persons, Bastion is subject to the USA Patriot Act. The CFATF and USA Patriot Act require Bastion to perform certain confidential due diligence on all prospective insured persons that further requires Bastion to meet the Know Your Customer (KYC) rules and anti-money laundering rules. This information remains confidential and in the files of Bastion.
