Bank of Bermuda accounts used for on-line gaming

Links to the Internet gaming industry have embarrassed the Bank of Bermuda and contributed to the termination of its correspondent banking relationship with Swiss American Bank in Antigua. The bank, which is based in a jurisdiction that prohibits gambling, except for special events such as 'Cup Match', insists that it does not provide banking services to on-line gaming operators. However, more than a dozen gaming web-sites claiming to be licensed in Antigua and Venezuela have been informing gamblers for several months that they can open up accounts by wire transferring funds into Bank of Bermuda accounts at Citibank in New York and Midland Bank PLC in London.