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 AML/ATF REGISTRATION OF NON-LICENSED PERSONS

 

Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008

As of the 1st January 2009 the Bermuda Monetary Authority ("BMA") is required to monitor AML/ATF regulated financial institutions for compliance with the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008. The BMA is required to establish, maintain and publish a register of AML/ATF regulated financial institutions comprising "licensed persons" and "non-licensed persons." Licensed person means a person who is for the time being licensed under any of the regulatory Acts and a "non-licensed person" means an AML/ATF regulated financial institution which is not a licensed person.

It is a requirement for "non-licensed persons" to register with the BMA if they wish to carry on business activities. The application fee for registration is $108 (Fourth Schedule to the BMA Act 1969) and must accompany the application.

Effective 1st January 2015 all “non-licensed persons” which are registered as above must pay an annual fee of $850.

An application for registration can be made by opening the attached document and printing a hardcopy. Please complete the form and forward to the BMA, accompanied by the $108 application fee. Please forward applications to:

          Bermuda Monetary Authority
          BMA House
          43 Victoria Street
          Hamilton HM12
          Attention: AML/ATF Compliance Unit

Licensed persons will be deemed to be registered on the 1st January 2009 and therefore will not be required to complete the registration process.​

Download Application Form for Registration of Non-Licensed Persons