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 LICENSING

 

The Banks and Deposit Companies Act 1999 (the Act) provides details regarding licensing for banks and deposit companies in Bermuda. Relevant financial institutions are in particular referred to Section 14(5) and 14(6) of the Act with regards to minimum services to be provided to the public in order to conduct banking or deposit-taking business in Bermuda. The Authority’s Statement of Principles (SoP) was drafted pursuant to Section 9 of the Act, and outline, amongst others, the minimum licensing criteria (Schedule 2) for banks and deposit companies in Bermuda.