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
43 Victoria Street
Attention: AML/ATF Department
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