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 LEGISLATION

 
The Banks and Deposit Companies Act 1999 (the Act) received Royal Assent on 23 September 1999 and became effective from 1 January 2000, and as such caused the repeal of the Banks Act 1969 and the Deposit Companies Act 1974. The Act gives full effect to the Basel Committee on Banking Supervision’s ‘Core Principles for Effective Banking Supervision’. Section 8(1) of the Act provides the Bermuda Monetary Authority with the responsibility for licensing and supervising banks and deposit companies in Bermuda. The Act defines deposits in Section 3 and deposit-taking business in Section (4).

The Act can be found here​.


In addition to the Banks and Deposit Companies Act the following laws may be applicable to the operation of a money service business. 

AML/ATF

Other Acts
  1. Bermuda Monetary Authority Act 1969
  2. Bermuda Monetary Authority (Financial Institutions) (Control) Regulations 1994
  3. Companies Act 1981
  4. Exchange Control Regulations 1973
  5. Exchange Control Act 1972
  6. Segregated Accounts Companies Act 2000​
  7. Financial Services Tax Act 2017​