Compliance

Barents Re maintains an unconditional commitment to human rights, ethical behavior, tackling of modern-day slavery and human trafficking. Barents Re does not tolerate any forms of illegal or unethical behavior. All staff members are required to adhere to Barents Re’s policies, manuals, and procedures.

Barents Re reviews annually, at a minimum, its set of policies, manuals, and procedures, to ensure that all modern and most up to date legal requirements and international standards are followed. In addition, all staff members of Barents Re are required to complete annual compliance trainings.

Anti-Money Laundering

Compliance

Ensuring that Barents Re is compliance with AML laws and regulations.
Maintain updated policies and procedures regarding AML.
Review KYC from business partners and conduct necessary sanctions search.
Coordinate annual AML training to staff members of Barents Re.
Inform the Board of Directors about Compliance-related matters.

Reporting

Serve as the point of contact between governmental authorities and Barents Re.
Maintain suspicious activity report forms and logs for the use of the Barents Re staff.
Receive internal suspicious activity reports from staff, evaluate, and enter information in the relevant logs.
If the case requires it, provide external reports to the governmental authorities, and enter required information the logs.

Regulatory Compliance

Provide support to departments of Barents Re for the compliance of laws and regulations.
Provide support to Barents Re for the update of the company’s manuals and procedures.
Provide support to submit the regulatory annual return to the Cayman Islands Monetary Authority.
Receive queries from governmental authorities and coordinate timely responses and actions from the departments responsible.
Provide support for the organization of meetings of the Board of Directors and Supporting Committees.

Barents Re’s culture is that of integrity, professionalism, and excellence. Our staff members are responsible for their functions which may affects other around them, both internally and externally. The Compliance Function maintains a series of policies, manuals, and procedures that strengthen and enhances Barents Re’s culture, as well as to properly govern aspects of our business to which we are responsible as a regulated company. These policies, manuals, and procedures include, but are not limited to:

Anti-Money Laundering (AML) Policy.
Anti-Bribery & Corruption Policy.
Complaint Policy.
Conflict of Interest Policy.
Fitness & Probity Policy.
Treating Customer Fairly Policy.
Whistleblowing Policy

Barents Re uses a variety of sanctions lists and databases available from reputable sources, including governmental and commercial screening tools:

World-Check One
United Nations Sanctions List
Office of Foreign Assets Control
European Union Sanctions
United Kingdom Sanctions
Whistleblowing Policy